Short Tata Motors; may slip to Rs 265: Bothra

Kunal Bothra, Sr Technical Analyst, LKP advice traders to short Tata Motors as it may slip to Rs 265 from current levels.

Bothra told CNBC-TV18, “I would go with frontline stocks giving some sort of pullback at current levels and Tata Motors fits the bill in terms of short. At current price of Rs 274-275 from a 3-5 days perspective one can look at a target of Rs 265 shorting from current levels and keeping a stop loss of Rs 282.”
He further added, “I would not go short on BHEL clearly because in terms of technical’s it has taken out the 200 DMA very aggressively, volumes are backing it. I would probably wait for a consolidation or some sort of breather coming across in these stocks. Once that happens I would probably initiate a short trade because at this point for a short the risk reward does not go into favor.”