Raymond, Reliance Infra likely to decline: Chaturmohta

Ashish Chaturmohta, Fortune Equity Broker is of the view that Raymond may slip to Rs 260. Reliance Infrastructure may slip to Rs 410. However, Dabur India and Lupin can see smart upmove.

Chaturmohta told CNBC-TV18, “Most of the mid-cap counters have been cracking almost their weekly or monthly lows like Raymond. It has already broken its monthly support of Rs 300 levels so here we are recommending a short for a target of around Rs 260 levels on downside. Reliance Infrastructure is also broken its monthly support below Rs 410 levels so we are recommending a short for a target of Rs 370 in next three to four trading sessions in Reliance Infrastructure with a stop loss of Rs 425.”
He further added, “On the long side however, we like Dabur and Lupin where we have seen a very strong accumulation of long happening and the build up also in Dabur has been almost 15 percent in last two to three trading sessions. So, we are looking for a target of Rs 155 in Dabur in next 7-10 trading sessions. Lupin looks good for a target of Rs 640-645 levels.”