Short Hero Motocorp, target Rs 2500: Shubham Agarwal

Shubham Agarwal of Motilal Oswal Securities told CNBC-TV18, "The level of Rs 2,750 roughly is the area where Hero Motocorp has been finding resistances. The overall trend remains mean reverting for the script with base which is far away as far as Rs 2,250. So, we feel that given that it has already re-tested the upper end of the band there is a mean reversal which is expected and there should be a fall that can take place on the short-term chart. So, with that view we recommend shorting Hero Motocorp for a target of Rs 2,500 and a stop los for this can be kept at Rs 2,740."At 13:07 hrs Hero Motocorp was quoting at Rs 2,641.00, down Rs 4.50, or 0.17 percent. It has touched an intraday high of Rs 2,655.25 and an intraday low of Rs 2,621.55.