Short DLF, target Rs 85: Rahul Mohindar

Rahul Mohindar of viratechindia.com told CNBC-TV18, “I won't be surprised if ITC breaks its recent lows of Rs 295-300 and we move lower. So I won't think that in the medium-term the stock probably will pull itself down to levels like Rs 260-270 and that is where I would look at entering the stock maybe and look at strong support. So in the medium-term, we are negative on the stock -- other than that in short-term considering it is an event day, I would trade with caution. We are at the support levels, so you might see these sporadic intraday or two-three days kind of bounce ups but I don’t see the stock breaking out before Rs 325 on the upside.” “I would like to look at Axis Bank on a pullback. So probably the stock has a retracement intraday. That is what would be more interesting in my eyes. That is from the point of view that one is taking a bit of a risk getting in at that point. So if you are getting in right now, I have to be looking at the fact that Rs 404-405 that is the technically correct short-term stop loss to be moving with. So it is more a question of your risk appetite but, I will look at a short-term rally in banking and Axis is no exception. The level of Rs 430-440 is the window I see it in over the next few days,” he said. “DLF broke its previous lows yesterday and a day before on a closing basis. So Rs 93 was the low in August that was a breakdown yesterday. We are seeing a little bit of a bounce up on the stock. I see it as an opportunity to go short. So keeping a stop loss at Rs 96, you can go short on DLF. We continue to expect new lows on the stock. The level of Rs 85 is where we target it at.”