Sell Amara Raja Batteries, target Rs 940: Gaurav Bissa

Gaurav Bissa, Derivatives Analyst at LKP Securities told CNBC-TV18, "Amara Raja Batteries is at a very crucial juncture. On multiple occasions, we had seen that a good short covering was happening at Rs 995-1,000 kind of levels. This time the stock is trading below these levels and the fall from Rs 1,030-1,040 kind of levels was led predominantly by the long unwinding. Some amount of fresh shorts are also seen getting built." "For today’s trade, I see some short happening but until and unless we have a settled data I would not be able to pin-point exactly whether shorts have been there aggressively or not. However, looking the scenario, some fresh shorts are seen getting built and the larger the time it spends below Rs 995, it can touch levels of Rs 910-920 also. For trading target, I would sell it for target of Rs 940 keeping the stop loss at Rs 995," he added.