Short Tata Motors with targets below Rs 200: Kedia

Short Tata Motors with targets below Rs 200, says Sushil Kedia, President, ATMA.

Kedia told CNBC-TV18, "Infosys is wallowing under large gap of Rs 2,550-2,570 area. I would say until that is taken out, it is time to definitely disown long positions. Triggers for entering short positions for immediate gains are not yet in place but the bias clearly remains to wait and watch and enter into a short trade on Infosys with a stop above Rs 2,570."
He further added, "On Tata Motors, I think Rs 254 that we recently saw is an intermediate top we made under a key support of Rs 256. The support has now tested into a resistance and the current rally is a complex one. I can't place my finger on saying right away that this rally is over and we will not retest Rs 254."
"You will have to keep a margin of error all the way up to Rs 256 to keep building your short positions in chunks and pieces. Perhaps with the expected behaviour of Nifty over the next five-eight days, there are going to better prices seen in Tata Motors. I am going to be looking for shorting Tata Motors with targets below Rs 200 and my stop can't be lower than Rs 256."