Short Reliance Industries, PVR: Amit Gupta

Amit Gupta of ICICIdirect told CNBC-TV18, "Reliance Industries can be shorted for target of around Rs 880-870. If somebody is interested in the options segment then 940 Call options can be shorted, because that is the highest call base placed near Rs 960, same as Nifty had the highest call base before at Rs 10,700 and it could not breach that level on this upside and then it finally came down."

"RIL was also the outperforming stock and that is reverting from the highest Call base of 960 and these positions are coming down now. So, it is better if somebody can short 940 Call which is still around Rs 11-13 and eventually I think if the stock remains under pressure or dips further down towards Rs 870, this premium will be off in this particular series. So, that is one opportunity that one have to play on the short side."

"From the midcap space, PVR is one stock which has remained under some selling pressure continuously. From the month of August 2017 we have seen that whenever it reaches Rs 1,400-1,450 levels there is some distribution happening near those levels and it finally starts coming down. The same pattern happened this time also. In fact what is more negative this time is the recent addition of short positions which have an average price of around Rs 1,380-1,370. So keeping stop loss there on upsides around Rs 1,300-1,310, one can go short in this stock. It is possible that the stock can dip towards Rs 1,200 in the coming days. So, there are some stock specific ideas where one can play shorts," he added.

Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd

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