Ashwani Gujral of ashwanigujral.com is of the view that one can short Bharti Infratel, TCS, Tata Steel, SBI and ICICI Bank.
Ashwani Gujral of ashwanigujral.com told CNBC-TV18, "In this sort of a market, you would take short positions on stocks like metals and probably even public sector undertaking (PSU) banks - stocks which have gained the most. So, possibly you can take a shot on Bharti Infratel, it is a sell with a stop loss of Rs 350, target of Rs 334. Similarly you can go short on stocks like Tata Consultancy Services (TCS), Tata Steel, probably a few of the large banks like State Bank of India (SBI) and ICICI Bank because today will be a fairly down day and everything should come down in a heap."
"Today is a very bad day to buy dips but obviously if by end of the day, Lupin gets off with one percent type of decline, only then you would try to consider buying Lupin because today is that kind of day when the market is breaking down on the downside. Now leave the buy calls aside and stay focused on the sell calls," he added.
"Tata Motors can correct back towards those Rs 425-430 type of zones because even globally you cannot find traction beyond the Brexit rally. So chances are if entire global market is going to a bit of a downswing, even these stocks should also come down. So you may get Tata Motors DVR around Rs 260-265 or possibly Tata Motors around Rs 430."
"For Ashok Leyland, Rs 85-90 is a very important zone. As long as that holds on, maybe you could get a bit of a rally from there but overall the stock is also breaking its 200-day moving average (DMA). So, the positivity of the stock is getting taken out but for people who can hold for long-term, this Rs 85-90 zone is worth buying into."The Great Diwali Discount!
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First Published on Jul 8, 2016 11:38 am