Sell Ceat, Apollo Tyres: Rajat Bose

Rajat Bose of rajatkbose.com told CNBC-TV18, "I would be choosing tyre stocks. Tyre stocks are showing decisive weakness. If you look at Ceat right after February 16 until recently, it was going one way up 800 points and you have never seen a five day correction and counting up to today, it is sixth day of consecutive correction that you see in Ceat. The stock is likely to fall even further. So, I am looking at prices of Rs 1,649 and Rs 1,630 on the downside and I am keeping a stop loss at Rs 1,693."

"Same holds true for Apollo Tyres. The stock earlier had a 54-day consecutive run from mid-March to early May and after that the last rally that you saw in Apollo Tyres lasted for only three days and the downtrend resumed. This stock is also down trending; Rs 214 and Rs 211 are the targets and the stop loss is Rs 225.10," he said.

"Ceat and Apollo Tyres are two sell calls and tyre stocks are actually showing downtrend; even MRF is showing weakness today."