Short L&T, Reliance Industries may test Rs 967: Prakash Gaba

Prakash Gaba of prakashgaba.com told CNBC-TV18, "Larsen and Toubro (L&T) actually looks like it is a bit tired, it is more of an exhaustion pattern out here. Perhaps we could see L&T slide down to levels closer to Rs 1,240 and I would have a stop loss above Rs 1,277 and trade short." "The stock that looks actually weak is Reliance Industries. It actually has got exhausted and then it came down. After that it has actually broken down after a two day consolidation. It looks like there is more downside in Reliance. Possible targets on the downside could be in the vicinity of Rs 967. It may take a day or two for that but looks like it is going there, keep stop loss above Rs 1,012," he said.Disclosure: Reliance Industries has acquired management control of Network18, which owns TV18 Broadcast and moneycontrol.com"In IL&FS Investment actually looks like a bottoming out process is on and we have seen a good consolidation and a breakout after a good consolidation of over a month. So, looks like we are seeing IL&FS Investment climb to levels closer to Rs 19 or maybe Rs 20 in the days to come. I would be happy with Rs 19, keep stop loss below Rs 17.50.""Another stock that did well yesterday was KPIT Technologies. We have seen a good upmove and a consolidation for over two months and a breakout has come in. If the breakout sustains we could see a longer upmove. The first technical target that I have is Rs 168 but then we should go even look at Rs 170 or Rs 175 in the days to come as long as the breakout sustains. The stop loss should be below somewhere closer to around Rs 156.""When I look at the monthly charts of HCL Technologies, it tells me that it has seen a high of Rs 1,058. It could not sustain above the four digit mark. It actually has been coming down steadily for last couple of months. The stock has a classical distribution pattern. After trading sideways, it has broken down a very important level of Rs 800. So, I think it is heading down. and is trading at a new 52-week low, and can continue sliding down. There is a very good chance HCL Technologies in the days to come or maybe weeks to come can slide down to levels closer to Rs 700. It is a weak stock and has a weak structure. It should not have fallen the way it has fallen for last two days." "I like Steel Authority of India (SAIL) purely from a trading angle. Looks like SAIL can climb to levels closer to Rs 50, I would have a stop loss below Rs 47 and trade long." "The stock that looks weak, possible on the downside is NTPC. It can slide down to levels closer to Rs 134 and keep stop loss above Rs 138.""I have a buy on Lupin. Structurally, it tells me that the stock has generated a buy. For today it can climb up to levels closer to Rs 1,627 and keep stop loss below Rs 1,568." "YES Bank is looking up and it can continue climbing up. There is no weakness, what we are seeing today is more of a pause in it. So, I think it is continuing up." "Biocon certainly is looking good. I think it has a very strong support in the vicinity of Rs 575; that is the place I would have a stop loss. On the upside the target could be in the vicinity of Rs 600, maybe Rs 595-600, that is the zone I am looking at. It may happen today; it may happen tomorrow but looks like Biocon is up."