Short HDFC Bank around Rs 625-630: Amit Gupta

One can short HDFC Bank around Rs 625-630, says Amit Gupta, Head- Derivatives, at ICICI Direct.

Gupta told CNBC-TV18, "Till expiry even if market recovers, you need to look at some stocks where still relatively  higher OI is left. HDFC Bank is one of those. In the last three-four months we had seen that some delivery based  buying came at Rs 616 and then it has started moving up. It has again come back to these levels."
He further added, "I fear that below Rs 616, we can see some delivery based selling in the stock and it can come  down to Rs 570 also. My sense is that when it was not able to take out that 50-day moving average on the higher side,  despite its attempts for the whole week, it gave up. So, you are going to see more long liquidation in the stock. It is  better to go short whenever it is moving up, Rs 625-630 is the range one could pick up. My sense is below Rs 616, the  fall may aggravate. So, one can add more shorts below Rs 616 levels."