Sell Kajaria Ceramics, advises Kunal Bothra

Kunal Bothra of LKP Securities told CNBC-TV18, "If you look at the charts of Kajaria Ceramics over the last couple of months, for the entire year of 2015, for the first time, the stock has confirmed a weekly or a monthly swing break down. A previous slope was very close to Rs 714 mark, after almost consolidating and then showing signs of false rise there is a correction again. This is the first time in the last 8-9 months, the stock has given a swing breakdown which is very important trigger for the markets or for the stock as well.""Looking at the relative strength index (RSI) and the weakness on the RSI on the weekly charts, I sense that probably the stock can actually see a sharp correction from here. I am giving a short-term target of Rs 650," he said.