Short Axis Bank with SL of Rs 1114: Datta

Devangshu Datta, Consulting Editor, Outlook advice, traders to short Axis Bank with SL of Rs 1114.

Datta told CNBC-TV18, “I would be short on Axis Bank with a stop loss at around Rs 1114 levels. If it falls below Rs 1100 then and I would tend to get enthusiastic about shorting the stock.”
He further added, “Reliance Industries is much more a wait and see scenario, I think you could be cautiously long maybe with a stop loss about Rs 805 or so and get enthusiastic if it moves above Rs 835-840.”
“I have been bullish about the cement sector now for several months. Ambuja Cements still looks reasonably good at more than Rs 210 and India Cement obviously has more potential upside simply because the stock is relatively cheap. I think on the whole the one I would avoid is Grasim and that’s not for any fundamental reason but I think the stock is more likely to suffer a serious reaction than the others. I am bullish about this entire sector, relatively bullish.”