Sell Shriram Transport Finance: Hemen Kapadia

Hemen Kapadia, Technical Analyst at chartpundit.com has recommended selling Shriram Transport Finance with a stoploss of Rs 700.

Kapadia told CNBC-TV18, "Shriram Transport Finance Corporation is one of the weaker stocks around. We have seen a monthly MACD sell which would obviously mean weakness over the longer term. In the medium-term though after a very short fall it has retraced almost 50% of this fall indicating that the upside is probably capped and coming to the slightly shorter term the stock has taken 10 trading sessions moving sideways in what is threatening to be a distribution pattern.