Short IDFC, M&M and Pantaloon: Kulkarni

Shardul Kulkarni, Sr.Technical Analyst at Angel Broking is of the view that one short IDFC, M&M and Pantaloon Retail.

Kulkarni told CNBC-TV18, “I think individual stocks are better opportunities. Yes, one can go short on the Nifty but percentage point moves will be lower in case of the Nifty. We feel that on the Nifty - if the market ticks down 5,150 which is quite likely one may see the levels of 5,032 being tested again on the Nifty spot, which is the low which we created about five-eight days back. So I think 5,030 is the level which we would look at as a potential target.”
He further added, “In case of individual stocks yes, there are lot of potential short candidates and one of them is IDFC wherein we feel that Rs 125-126 is a potential target for IDFC. Mahindra & Mahindra is also a short wherein we feel Rs 670 to Rs 665 is a potential target for that counter. Pantaloon has also given a breakdown in today’s trading session. I would expect the stock to test around Rs 155 in case of Pantaloon Retail.”