Ashish Chaturmohta of Fortune Equity Brokers told CNBC-TV18, “Bank Nifty looks quite weak. I think even 12,100 which is quite possible in a day or two and ICICI Bank has already broken its weekly supports with strong build up of short positions. Bank Nifty has seen an addition of almost 7 percent in terms of today’s addition so I think on downside 12,100-12,000 could be the possible target in the next 1-2 trading sessions in Bank Nifty. One can initiate a short at current levels and even if any recovery comes towards 12450-12460 that would be the level to average the short position. On upside I will keep a positional stop of about 12520 and can look for a target of 12000 levels in the Bank Nifty.”
He further added, “Bajaj Auto looks very weak. The stock has broken its monthly support below Rs 1760 levels and we have witnessed almost 1-1.5 percent liquidation in the long so I think this liquidation will continue and we may see stock coming down towards Rs 1680 levels. Even at these levels one can initiate a short with a stop above Rs 1775.”
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