Short Reliance Infrastructure, advises Ashish Chaturmohta

Ashish Chaturmohta of Fortune Group told CNBC-TV18, "If you look at overall ADAG space, we have witnessed a very strong short build up. Reliance Infrastructure is trading at almost three to four months low and continuously making a lower top lower bottom formation. Once the stock breaches Rs 407-408, there can be a steep fall towards Rs 380-385. So, one can initiate short positions at current level in the stock with a stop loss above Rs 425 and on downside one can expect a target of Rs 385-380."

At 14:16 hrs Reliance Infrastructure was quoting at Rs 413.95, down Rs 4.05, or 0.97 percent. It has touched an intraday high of Rs 418.90 and an intraday low of Rs 410.30.

Disclosure: Analyst does not have any personal holdings.