SP Tulsian of sptulsian.com told CNBC-TV18, "Bharat Heavy Electricals (BHEL) has a reverse arbitrage of Rs 8-9. We earlier used to call it undha badla or backwardation. The thing is you always take a negative call. But go the other side when you have the paucity of the stocks, Ambuja Cements is also seeing the backwardation charges or maybe the reverse arbitrage."
He further added, "Cash shares are not available. Just buy the small quantity and see the cash rate going up. Maybe on the last day it all depends on the strength. If the strong hands are holding the stock, you always see the expiry happening at the closure to that rate."
"The public holding is closer to about 8 crore shares. You have 4 crore shares in open interest. Yesterday also what we have seen that at the end maybe in last half an hour or maybe last 15 minutes we have seen good amount of delivery based buying coming in. So I am expecting that same trend is likely to continue. If I am not saying that for the whole series which is likely to remain positive for BHEL, but maybe within this week you can look for a level of Rs 188," Tulsian said.
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