Manas Jaiswal of manasjaiswal.com told CNBC-TV18, "I want to go short in Ceat because the stock was trading in a range of Rs 800 and Rs 700 for almost one month but today it has broken on the downside with higher volumes. So, now the stock can correct significantly. It can go down to around Rs 640 in next one or two weeks time. So, even at current level, one can go short. The stop loss should be Rs 726 and target would be Rs 640."
"Most of the banking stocks are looking weak and most of the PSU midcap banking stocks are looking weak. Bank of India is making lower tops and lower bottoms on the daily charts and today it has broken an important support of Rs 188 with decent volumes. I think this south bound journey will continue in the coming days also. It can go down to around Rs 172. So even at current level, one can go short with stop loss of Rs 187," he added.
"I want to go short in Steel Authority of India (SAIL) because most of the metal stocks are looking weak today. SAIL took support near Rs 66-65 for last one year and recovered. However this time it broke that support with heavy volumes. I think we may see further downside in the stock. Target would be Rs 58.50 and stop loss should be Rs 64.60."
Disclosure: Analyst has no personal holdings but has recommended these stocks to his clients.
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