Short Reliance Capital, target Rs 375-380: Chaturmohta

Ashish Chaturmohta of Fortune Group told CNBC-TV18, "Overall ADAG space looks quite weak. Whenever the market moves up they don’t participate and when there is a sell-off they are the first ones to react on the downside. There is a huge build up of short positions in Reliance Capital in the last three or four series clearly indicating that we may see another 5-7 percent downside. So, at current level, one can initiate a short position keeping a stop loss above Rs 416 and on downside one can expect a target of Rs 375-380."

At 12:56 hrs Reliance Capital was quoting at Rs 395.95, down Rs 22.85, or 5.46 percent. It has touched an intraday high of Rs 419.95 and an intraday low of Rs 393.50.

Disclosure: Analyst does not have any personal holdings.