Sell BHEL; target Rs 163: Chandan Taparia

Chandan Taparia, Derivative & Technical Analyst at Anand Rathi Securities told CNBC-TV18, "We have seen recovery of around 300 points in the Nifty but selective counters are not moving especially BHEL, it is continuously falling down from last five series making lower top lower bottom formation. Although it is trading near to oversold territory but it is not ready to surpass immediate hurdle of Rs 170-171 zone.""I am expecting this negative sense to continue after a couple of consolidation days. One can sell with stoploss of Rs 171 for the downside target towards new low of Rs 163 zone," he added.