Shubham Agarwal of Motilal Oswal Securities told CNBC-TV18, "If we look at the long-term charts of Power Finance Corporation (PFC), the relative underperformance continues to be there. Two trading sessions back, we did see a sharp decline coming in which clearly indicates that the consolidation has already seen a breakdown happening. Yesterday’s movement again confirms that there is a follow up selling which is happening to this overall pattern. So, with that view, Rs 200 is what we expect on a short-term scale. On the medium-term chart, we even expect that this could get extended to the level of Rs 180 and for the short-term trade the stop loss can be kept at Rs 238." "For BHEL, the overall sector remains negative, so on a sector rotation study that we do, we see capital goods as one of the sector for creating shorts and we have seen what has happened to Larsen and Toubro (L&T). Even for BHEL the important support of Rs 190 has already been breached. So, with that view, we expect that this downside should continue and Rs 160 is what we are expecting with a timeframe of two to three weeks and a stop loss can be kept at Rs 196," he added.
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