SP Tulsian of sptulsian.com told CNBC-TV18, “I won’t be taking a long call in this market maybe even for remaining one hour or maybe as a positional trade also. So that’s a reason I have chosen to give two short calls.”
He further added, “If you really see the results having posted by Adani Enterprises, I don’t think that it justifies this kind of valuations and maybe in the remaining part of the day we are going to see the corrections coming in into the stock. So, the day target has been given at Rs 242 with stop loss of Rs 248 and if the Rs 242 target is met then the traders can look for Rs 239 even for the remaining part of the day, till end of the close.”
“Second call is on a short side again on the Ranbaxy Laboratorieswith a day target of Rs 440 and stop loss of Rs 448 because the kind of shorts which are seen building up and as I said that huge long positions got created in the last week, which made the stock to move to Rs 470, that is also seen getting liquidated. So, again short call on Ranbaxy and coupled with short call on Adani Enterprises.”
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
