Short BPCL, Cairn India: Rahul Mohindar

Rahul Mohindar of viratechindia.com told CNBC-TV18, "Bharat Petroleum Corporation (BPCL) and Cairn India look weak to me. We think BPCL has broken a very important level of Rs 805-810. There are three intermediate bottoms which it created over the last six-eight months and that is a big level to break down. Of course key averages have already broken down and indicators are mostly negative. One will continue to see the fall moving down.""Around Rs 720-725 is the target I would set out for BPCL. So over the next couple of days we do expect extreme weakness, so with a stop loss of Rs 805, one could look at shorts," he said. "I am taking a very short-term trade in Cairn India with a small target of Rs 108 and with a small stop loss of Rs 117. It's more of an intraday kind of trade here."