Short Hindalco, Indian Bank: Murlidharan

Manoj Murlidharan Vayalar, Associate Vice President-Derivatives, IIFL is of the view that one can short Hindalco, Indian Bank.

Murlidharan told CNBC-TV18, “At this point of time, I would be shorting couple of stocks and Hindalco would be one of those. But the top of the list would be HDFC Bank. It is trading at Rs 594-595 and keeps a stop loss of Rs 605 and Rs 575 is what we are seeing and it is possible we might see that in couple of days, by the end of this week as well.” He further added, “The second would be Indian Bank at Rs 172-173, short that and we are seeing Rs 161 on that. PNB also tops the list in shorting; it is trading at Rs 730. Keep a stop loss of Rs 744 and possibly we see Rs 690 on that. But apart from these banks, I think we can short McLeod Russel and DLF as well. There is good distribution started in cash market and we would be seeing the scrip tank in the next 3-4 odd sessions followed with Jindal Steel.”