BHEL may go below Rs 140, says SP Tulsian

SP Tulsian of sptulsian.com told CNBC-TV18, "In Bharat Heavy Electricals (BHEL) the problem which we have started seeing for the last one week is the delivery based selling. The government spoke about some divestment, which is going to happen; we all know that putting from one pocket to another pocket is not going to serve the purpose.”

“The excise duty cut of 2 percent on capital goods is not seem to be so material because you do not expect the excise cut resulting into the orders but the worry is that open interest of 3.7 crore shares seem to be very heavy. If you collate the data for last four-five days then you will find more than 50 percent of the delivery based selling happening everyday but I am concerned on this open interest of 3.7 crore shares also. So, I think the trend is likely to continue of the selling and the long liquidation and look for a level of Rs 140 or sub Rs 140 as well in the series.”