Sell Century Textiles, buy GAIL India: JK Jain

JK Jain, Derivative Analyst at Karvy Stock Broking told CNBC-TV18, "One can sell Century Textiles and Industries. The stock has given a clear cut breakdown somewhere around Rs 490-485 levels. Even if you look at derivative data, we are not seeing any kind of big position that have been built up, there were no long unwinding also working despite the stock had given breakdown. So, we could see a long unwinding pressure in the stock which could push it lower. So, go short in the stock at Rs 465 with a stop loss placed above Rs 480. On the downside immediate target would be Rs 430 and can lead even lower beyond that point.""One can buy GAIL India. The stock has seen closure of short positions over the weekend. So, one can take a long position in this stock for targets of Rs 360 with a stop loss placed below Rs 335," he said.