Short BHEL below Rs 232, says Amit Harchekar

Amit Harchekar of A Plus Analytics told CNBC-TV18, "From a sectoral perspective we have a negative call on capital goods index, as that index has already broken down below multi-year trend line support. Within that Bharat Heavy Electricals (BHEL) carries maximum short positions which are piled up between the zone of Rs 230 to Rs 232. So, one can initiate short position in BHEL only below Rs 232, maintain stop loss of Rs 240 and we are expecting target of around Rs 216."

At 14:57 hrs Bharat Heavy Electricals was quoting at Rs 235.60, up Rs 4.30, or 1.86 percent. It has touched an intraday high of Rs 238.10 and an intraday low of Rs 227.90.

Disclosure: Analyst has recommended the strategies to his clients but has no personal holdings.