Manish Hathiramani of Deen Dayal Investments told CNBC-TV18, "We are feeling skeptical going long. The first sell is on Bata India for a target of Rs 995 with a stop loss of Rs 1,140. The stock has faced a lot of resistance around Rs 1,160-1,170 and it has turned around from there to re-enter a bear phase. It has also broken the recent low of Rs 1,062 yesterday and now it can go down to the levels of Rs 990-995."
"One can sell Eicher Motors for a target of Rs 14,200 with a stop loss of Rs 15,800. A very sharp breakdown in price ever since Rs 15,111 was broken which was a recent low and now we feel Rs 14,200 could be the next target," he said.
"One can sell Aditya Birla Nuvo for a target of Rs 1,560 with a stop loss of Rs 1,760. The stock has faced resistance around Rs 1,800. It might re-test the previous lows of Rs 1,590 and thereafter Rs 1,560."
Disclosure: Analyst is not holding any of these stocksbut has short positions on the Nifty Options.
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