Short Bharti Airtel, CESC: Sacchitanand Uttekar

Sacchitanand Uttekar of Motilal Oswal Financial Services told CNBC-TV18, "If you look at the setup of Bharti Airtel, we have seen that the stock has been in a severe downtrend and the pull back that we have seen recently at the levels of Rs 355-353 has been a very good supply zone for the stock. It is quoting around Rs 353, so a dip below Rs 349 would be a confirmation of this particular resistance and one could initiate sell position in Bharti with a stop loss of Rs 353." "If you look at the overall development in CESC, a similar kind of a trend wherein we have seen a good bounce back coming back in the stock. If you look at the overall structure, the stock is still struggling to maintain itself above the 200-day moving average. So, the move is expected to be on the down side and a stop can be placed at Rs 587 and short positions can be initiated for a target of around Rs 550," he said.