Siddarth Bhamre, Head-Equity Derivatives at Angel Broking advises shorting Infosys with a target of Rs 1108.
Siddarth Bhamre, Head-Equity Derivatives at Angel Broking told CNBC-TV18, "The liquidity parameters like gold, even in this global rally, has not corrected and gold is inching up. So, we can take cues from there also that we should not go ga-ga over this bounce back and this is not that it is taking us to 8,000 plus levels immediately. So, there is some worry still in the global situation."
He further added, "Infosys has shown decent bounce back from Rs 1,100 levels to Rs 1,170-1,175, it is trading. We have not seen any formation of long positions. It is merely short covering. If you look at multi-month charts, between Rs 1,180 and Rs 1,210-1,220, this 30-40 point zone, it has very strong resistance and I am anticipating fresh formation of short positions in Infosys at this point of time."
"I do not have very aggressive downside targets, but I am expecting Rs 70-80 fall. For a positional trader, it is quite some in a largecap stock. Rs 1,108 is my target and Rs 1,204 is the stoploss which I am suggesting to maintain for this short trade," he said.
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First Published on Mar 5, 2016 09:57 am