Short Asian Paints, Bosch: Amit Gupta

Amit Gupta of ICICIdirect told CNBC-TV18, "The stocks which have been outperforming so far but losing out now just because of the long liquidation they can be the shorting candidates for this expiry. Particularly Asian Paints because people were quite long in this particular stock not only Asian Paints, they were long in Pidilite also because they were the major beneficiaries of the lower crude prices. Due to this the open interest is very huge. In fact in the current series, almost 88 percent of open interest is still left in Asian Paints and the stock has come down.""If you look at 7,540 levels of Nifty, it was at around Rs 820 and now it is below that price; it is Rs 804. You can see how it has started underperforming the market. So, it is possible it can move towards Rs 750 just on behalf of long liquidation of positions. So, already 20-25 percent of closure of these positions we have seen and hence it is possible towards expiry this may be a shorting candidate," he added."Another one is Bosch because we have seen the problems coming with Motherson Sumi. If you see the reversal in the market from 7,500 to 8,000, there was no move in Bosch at all. It remained around Rs 22,000 and with such an outperforming stock you don’t expect that with the market it is not moving. When the market is coming down, it is possible that the stock may also drift downwards. It may come down towards Rs 19,500 also. So, in this stock also we have seen around 18-20 percent of long liquidation already. So, this may be another one for the shorting opportunity," he said.