Short Ceat, target Rs 1170: Gaurav Bissa

Gaurav Bissa of LKP Securities told CNBC-TV18, "Ceat has been witnessing good amount of profit. If you look at the charts, it has been trying to sustain higher levels but has miserably failed to do so. It is trading below the short-term averages, which defines the trend. For the short-term, the trend remains weak. The immediate support was seen at Rs 1,215-1,220 kind of levels today. Even those support levels have been taken out and the volumes have been decent so far. So below this it can fall till 50-day moving average (DMA) which is placed somewhere around Rs 1,170 levels.""I recommend going short for target of Rs 1,170 keeping the stop loss at Rs 1,225," he said.