Amit Gupta of ICICI Securities told CNBC-TV18, "If you look at the open interest in the last series, the highest open interest the Bharat Heavy Electricals (BHEL) achieved, it entered into October with even higher open interest than that particular thing. So that means the positions are very heavy in the stock right now. So if I assume a movement of the stock I will say that these are the more short traders who have entered into October with such a high open interest and despite this if the stock is not coming below Rs 130-135 range, because that is the critical support area for BHEL right now then you can expect some covering back to Rs 155 or Rs 158 levels in the stock. So I think this maybe the trading range for the time being.”
“It moved up towards Rs 160-165, so I think it is difficult to surpass those levels immediately. But you can trade in this range of Rs 135-130 on the downside and on the higher side Rs 158-160 levels."
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