Keep stop loss of Rs 650-655 for United Breweries: Tater

Aashish Tater, Head of Research of Fortunewizard.com advised putting a trailing stop loss of around Rs 650-Rs 655 zone for United Breweries.

Tater told CNBC-TV18, "Investor should put a trailing stop loss of around Rs 650-Rs 655 zone for United Breweries. Yesterday the management clarified (not pledged any shares of Kingfisher with lenders) and we had taken a reverse view on the stock after giving a sell call on the entire basket."

"They do not have any pledge to those Kingfisher lenders. That is why we are seeing this bump up in the stock and my technical team is working with a target price of Rs 720 and Rs 750 eventually with a strict stop loss of Rs 650. On every Rs 15 rise one can increase your stop loss by Rs 6 to Rs 7. It is 50 percent increment of your stop losses. Under any circumstances one will be exiting in profit and ride on with a strict stop loss," Tater added.