Short BHEL and ONGC, says Jitender Kumar, CMT, SBICap Securities.
Kumar told CNBC-TV18, “I would short Coal India . Coal India is one of the stock, which I have been shorting for the last two series and this series also. The stock is down 6% for expiry, last expiry and the data shows that there is a good OI addition also. Coal India is my top pick.”
He further added, “Second pick is BHEL and ONGC. Both of the stocks rallied a bit but the further downside trigger would be the FPO hangover. Since this stock has rallied and last 3-4 days I am seeing good profit booking by the longs happening and longs were not aggressive in the last two days of expiry so BHEL and ONGC are the two stocks I would like to short.”
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Economy turning for sure but cant say for mkts: DSP