Short M&M with target of Rs 890-880: Atul Badkar

Short Mahindra and Mahindra (M&M) with a target of around Rs 890-880, says Atul Badkar, VP - Institutional Equities -  Derivatives Desk, Edelweiss Securities.

Badkar told CNBC-TV18, "In Mahindra & Mahindra (M&M) we have observed in the last few trading sessions, in fact  from the starting of January is that the open interest has more or less remained the same and it is stuck in that band of  around Rs 920-930. I think at this level technically it looks quite weak."
He further added, "We think we can short the stock with a target of around Rs 890 or Rs 880. So in the entire auto pack  M&M looks like a short and on the other hand Maruti looks like another 4-5 percent upside. It has just been showing a  lot of inherent strength. So this pair in the auto pack primarily."
"We are quite bullish on Cipla fundamentally. We think the results will be quite good and even on charts it is showing  you some sort of a good support at its current level. So we think that as a positional bet, not as a trading bet, Cipla can  give you a good 8-10 percent upside. So it is slightly a longer term call, not immediately over the next four or five days  but maybe we can achieve this target in the next three to four weeks."