Short Infosys, advises Siddarth Bhamre

Siddarth Bhamre of Angel Broking told CNBC-TV18, "I will like to short Infosys at current level, reason being the entire run-up from Rs 1,100 odd levels to current level of Rs 1,170-1,180. The stock is trading around Rs 8-9 discount to the spot price while future is trading at discount. My advice would be that one should short at current level, the reason being it is purely because of short covering that Infosys has gone up.""We haven't seen any formation on long positions. I am not expecting a huge correction but at least a retracement which would bring it back to Rs 1,100-1,108 odd levels. Fix a stop loss somewhere around Rs 1,204 while Rs 1,180 to Rs 1,220 is a very strong resistance zone. So this would be a prime candidate for shorting this week," he said.