Sell Reliance Industries, State Bank of India: Amit Harchekar

Amit Harchekar of A PLUS Analytics told CNBC-TV18, "First sell would be on Reliance Industries. The stock has failed to cross crucial hurdle of Rs 1,040 where we had seen delivery based selling on January 20. We believe this stock is likely head lower somewhere around Rs 965-975 before we confirm any bottom. So we would recommend going short on Reliance Industries February futures with a stop loss of Rs 1,050 and target of Rs 975." "Second stock would be going short on State Bank of India (SBI). The stock has now confirmed start of a multiyear bear market and that is visible from the fact that it is unable to retrace more than 23.6 percent. We believe that this becomes a good selling opportunity at current level because the stock may find support around Rs 155-160. So, keeping stop loss of Rs 181 we would recommend going short on State Bank of India. We are expecting fall of at least 5 percent in next couple of days time," he added. Disclosure: Reliance Industries has acquired management control of Network18, which owns TV18 Broadcast and moneycontrol.com.