Short Kotak Mahindra Bank, Divis Lab: Sameet Chavan

Sameet Chavan of Angel Broking told CNBC-TV18, "Recently, we saw Kotak Mahindra Bank falling from its resistance zone of Rs 725-730. A few days back, it gave a breakdown from its daily 20 exponential moving average (EMA) of Rs 700 on a closing basis. Yesterday, it gave a very good pull back towards its resistance zone, but we believe that it could be a very good shorting opportunity. In the near-term, we have target of Rs 648. It can be shorted by keeping a strict stop loss at Rs 724." "Our second recommendation would be to short Divis Laboratories for a target of Rs 1,020. Stop loss can be placed at Rs 1,158. Yesterday, it gave a decisive breakdown from its five months triangular pattern and it also breached its daily 89 EMA level after a few months. Thus, considering the ongoing momentum and negative chart structure, we expect this stock to slide towards Rs 1,020 over the next few sessions," he said.