Sell PFC, target Rs 228: Pritesh Mehta

Pritesh Mehta of IIFL told CNBC-TV18, "The recent rally in PFC from Rs 230 appears to have reached an exertion point. On the short term chart, the stock has formed a bearish pattern. As per this pattern, we could see a reverse in the near term. Now, in an ideal scenario the point D is that generally 78.6 percent retracement of X and D is 161.8 percent extension of BC leg.""The peak of Tuesday which is Rs 251 has turned out to be the potential reversal zone (PRZ). So, this is the right time to short it for a target of Rs 228," he said.