See 5-6% downside in OMCs including HPCL, BPCL: Rahul Mohindar

Rahul Mohindar of viratechindia.com told CNBC-TV18, "I continue to see weakness on Sun Pharmaceutical Industries. Dr Reddy's Labs has good support around Rs 3,080-3,100 and if you are trying to initiate new shorts, you got to be a little picky as to which ones you short.""However, I was looking at some moves on the oil marketing companies (OMCs) and I think there too you have a potential downside opening. So again you could see 5-6 percent cuts there over the next couple of trading days on HPCL and BPCL," he said. "Larsen and Toubro (L&T) is another stock which has broken another good support level, so, I think with a lot of negative cues, the short-term continues to be piling on negatively and I think we are heading to that 8,350 level on the Nifty."