Exit Essar Oil, says Kunal Bothra

Kunal Bothra, Head of Advisory at LKP told CNBC-TV18, "One should book out in Essar Oil. Clearly the chart pattern suggests that the short-term rally especially from that crucial 200 day moving average bounce has happened. It is taking resistance now and generally when you see a stock closing almost at the circuit level and you see a reaction pretty sharp but that is missing today that is a sign that probably you may see a downtrend happening."

At 15:25 hrs Essar Oil was quoting at Rs 115.55, up Rs 0.35, or 0.30 percent.

The share touched its 52-week high Rs 132.50 and 52-week low Rs 44.50 on 10 September, 2014 and 31 January, 2014, respectively.