Short Escorts with stoploss Rs 64: Jai Bala

Short Escorts with stoploss Rs 64, says Jai Bala, Cashthechaos.com.

Bala told CNBC-TV18, "Escorts has been turning up in a three-step fashion and the move from Rs 250 odds to Rs 50 odds has just completed the partial portion of the decline. I think one last leg for this stock is left before it finishes the final low. I think this stock is set to decline about sub-Rs 50 odd levels. One can place a stop of about Rs 64 and go short in the stock here."
He further added, "I tried to go short on Pantaloon Retail about Rs 186 odd. It actually shook off and took out my stops and went about Rs 200 odds. The price action was actually negative and the stock was set to make further lows here. But it is not advisable to create fresh short positions here, because the stock can get very choppy at this point in time. So if you are not already short, just avoid the stock. Wait for the stock to make a final low and then you can look at creating long-term positions once the final lows have been made. But at this point it’s an avoid."