Short Infosys closer to Rs 2800: Amit Gupta

Short Infosys closer to Rs 2800, says Amit Gupta, Head-Derivatives, ICICI Direct.

Gupta told CNBC-TV18, "Short side if you are looking at particularly in the heavy weight space, Infosys for the last more than two weeks we initiated short call around Rs 2750 levels and to help that position we went long in Nifty. Still that position is open we are not making any loss that side. The fact that the market has moved up, which suggests Infosys is continuously underperforming the market."
He further added, "If you look at after the results the gap down that came in Infosys that was around Rs 2810 it just retested that level again and finally came down towards Rs 2720-2730 levels. I think it will be very difficult for Infosys to surpass Rs 2820-2830 and whenever it is moving towards Rs 2800 again you can go short in the stock. But the thing you need to buy Nifty along with that because the market is very volatile. This particular trade can fetch you good money over the period of one or two months."