Sell Strides Arcolab, says Gaurav Bissa

Gaurav Bissa of LKP Securities told CNBC-TV18, "Strides Arcolab is the only recommendation I have for selling. The stock has been trading in a range having a strong resistance at Rs 1,390-1,400 kind of levels. Additional support at Rs 1,330-1,340 levels, there was short-term break out that was seen at Rs 1,340 levels. It is now trading below all of these crucial and major levels. There is a negative crossover see in the short-term averages. So, for few days the stock is expected to trade with pressure and the RSI is falling.""Momentum indicators are showing signs of weakens. So, all-in-all the stock has a small downside target of Rs 1,280 in mind. One can initiate a sell call with targets of Rs 1,280. One can have a stoploss of Rs 1,345. Major breakdown can be seen in the stock if it continues to trade below Rs 1,260. In such circumstances, it can even test levels of Rs 1,200 and below," he said.