Short Axis Bank; Tata Chemicals may hit Rs 370: Kunal Bothra

Kunal Bothra of LKP Securities told CNBC-TV18, "Structurally, Axis Bank has become weak. It has managed to break psychological level of Rs 400 yesterday, it recovered because of the kind of market expectation but I feel that the structure has weakened significantly. I believe that every rise could probably be sold into as well.""For Axis Bank, I would continue to maintain my target of Rs 380 and probably the stop loss of Rs 415. Expect that even if the stock gaps down to Rs 404-403 today, I believe it is a good opportunity to short the stock," he added."Post yesterday's closing, over the last one and a half months, Tata Chemicals has been in a range. Yesterday there was a sign where the stock gave a swing breakdown, the volumes apparently, as per the lot of midcap names, they were on the higher side. So even the stock was on the higher side but I believe that any series of successive lower openings, the stock could probably invite more shorts and I believe from a trading perspective, you could look at at least Rs 370 as a target on Tata Chemicals from a time of one-two days. I would keep a stop loss of Rs 390 on it," he said.