Sell Bharat Forge, DLF may test Rs 116: Kunal Bothra

Kunal Bothra, Head of Advisory at LKP told CNBC-TV18, "The texture of the market is indicating that IT and pharma are probably getting thumbs up and rate sensitives are ones which are seeing some selling pressure but DLF stands out. It has given a swing breakdown on the daily charts. The level of Rs 128 approximately was the neckline and the fact that it has broken that and trading at Rs 125-126, confirms the kind of swing breakdown. I am expecting Rs 116 as a target on DLF over the next couple of days looking at the stop loss of Rs 130. The risk rewards also seems to be fairly attractive." "Overall, if you look at the last one and half months or two months chart, Bharat Forge has seen a very sharp correction. In the last couple of weeks there were phases of rallies. The pattern is still on the downside. I believe that if Rs 880 breaks today or over the next couple of days, I sense that it could probably trigger one more round of finish upper corrections. I am looking at a target of Rs 840 over the next couple of weeks keeping a stop loss of Rs 900," he added.