Sell Asian Paints on rallies: Mithil Pradhan

Mithil Pradhan of Violet Arc Global Managers told CNBC-TV18, "Even FMCG is basically outperforming a bit against the Nifty but it is still into a bearish trend now. Asian Paints has created a medium-term double top and has given a sell signal by breaking short-term supports. Though the strategies that you should be long in defensives during bearish trends against the short position in Nifty, I suggest that even Asian Paints is going to fall and even FMCG is not going to get any support from the market." "I am looking at something like Rs 821 as a target and the stop loss that I am going to keep is Rs 887. Since it has rallied between yesterday and today, it offers good opportunities to sell on rallies right now," he said.