Short ITC; may slip to Rs 245: Harchekar

Amit Harchekar, Sr. Technical Analyst -CMT, IIFL advice, traders to short ITC as it may slip to Rs 245. One can go long on Reliance Industries.

Harchekar told CNBC-TV18, "HDFC Bank becomes a good sell from a technical perspective. As long as it trades below Rs 615 which turns out to be the up thrust of the rising wedge, the immediate target for HDFC Bank is seen at Rs 585 which becomes a sell." He further added, "ITC has already given a break down below Rs 267 so that projects a target of Rs 245 so a good downside seen. On the long side if you look into Reliance Industries that is sustaining beyond Rs 805 that is a breakout point that is projecting a target of Rs 835-Rs 840. On the long side Reliance would be my bet and on the down side HDFC bank and ITC becomes a good short candidate." Disclosures: We have recommended these stocks to our clients but no personal holdings.