Short Tech Mahindra at around Rs 1275: Aditya Agarwal

Aditya Agarwal of Way2Wealth told CNBC-TV18, "IT counters at these levels are seeing some crack in CNX-IT Futures and also some of the major IT counters, Tata Consultancy Services (TCS), Infosys, HCL Technologies and Tech Mahindra are seeing some selling pressure at higher levels. We can see profit booking at higher levels."

"Tech Mahindra is one counter in which today we have seen some short positions getting built up. The stock has almost 4 percent shares in open interest. The stock may continue to see some more selling pressure and on lower side this stock may test Rs 1,210-1,180 levels in short-term," he added. "Around Rs 1,275 one can go short in Tech Mahindra keeping a stop loss of Rs 1,305 and on lower side one can expect target of Rs 1,210-1,180 in next 4-5 trading sessions." Disclosure: I do not have any positions in stock discussed but may have recommended to clients.