Short Ashok Leyland at around Rs 53.5-54: Siddharth Bhamre

Siddharth Bhamre of Angel Broking told CNBC-TV18, "I will not short TVS Motor and I am not tracking Apollo Tyres."

"We are closely tracking Ashok Leyland and around Rs 53-54 levels we were suggesting to short in December series – that worked out. The bounce in Ashok Leyland has not seen much formation of long positions though bounce back has been steep. We believe Rs 52 would continue to act as strong resistance, this zone of Rs 52 to Rs 54. We are not suggesting going long there because stock has been showing strength, in fact if market corrects and we find Ashok Leyland around Rs 53.5-54, we will short it," he said.

At 09:41 hrs Ashok Leyland was quoting at Rs 51.80, up Rs 0.50, or 0.97 percent on the BSE.