BPCL may slip to Rs 380-385: Chaturmohta

Ashish Chaturmohta of Fortune Equity Brokers told CNBC-TV18, “In terms of derivatives data if you look at since the beginning of the settlement, what we have observed is that there is a rise in open interest to the tune of almost 30-35 percent and already Bharat Petroleum Corporation (BPCL) has corrected from the beginning of the settlement to almost 2-3 percent. So now the stock coming to almost last three-four weeks of low so the weakness may continue and we may see a downside towards Rs 380-385 kind of levels in next two-three trading sessions."

He further added, "So one can initiate shorts at current levels and any rise towards Rs 404-405 should be used to average the short positions. On upside what we observe is that around Rs 400 there is a huge concentration of short positions so that should be kept as a trading stop loss for going short on the stock.”