Short Idea Cellular, target Rs 133: Mithil Pradhan

Mithil Pradhan of Violet Arc Global Managers told CNBC-TV18, "All the telecom stocks are now in a bearish territory. I have been pretty bearish on Bharti Airtel and on Tata Communications. All of them have created a kind of a dead cat bounce on a medium-term chart. So I recommend that all of these stocks will come down, Idea Cellular in particular because it has broken a major level at around Rs 160. I am going to keep a stop loss at around Rs 161 in Idea Cellular.""This is basically trend following, the bearish trend has started. I am not very gung-ho about the market anymore. I feel the market will fall quite a bit from here, so telecom stocks from a relative perspective are the weakest. So, Idea will be a good short at this level. I am expecting Rs 133 but the chances are that the targets can be overachieved," he said.