Short Sintex Industries; may dip to Rs 58: Kulkarni

Shardul Kulkarni of Angel Broking advices traders to Short Sintex Industries, as the bias is clearly negative and stok is expected move lower to around Rs 58-59 levels.

Kulkarni told CNBC-TV18, "The bias on the Nifty is bullish on the daily charts I would not want to venture into short positions on the Nifty at least. But individual stocks wherein the bias is negative even on the positional front then those are good opportunities." He further added, "Sintex Industries would be one counter wherein we would recommend shorting. Going forward the stock can move lower to around Rs 58-59 levels so the bias is clearly negative in case of Sintex. So, that would be one of the short opportunities." "Another one where we feel that the possibility is that you may see the stock moving lower is IVRCL Infra. That is one counter wherein I am expecting that the stock should come down going forward because on the daily charts you are seeing that although the stock is given a good run-up it has still not satisfied certain criteria. So, going forward one may see the stock pullback to around Rs 40. So, that is another counter wherein we would recommend short position."