UPL may test Rs 625; short PFC: Navneet Daga

Navneet Daga, Head of Derivative Research at IIFL told CNBC-TV18, "UPL is an interesting stock. Last month it has set lifetime high levels and it has been consolidating within a band of Rs 555-600. It is threatening to break out on the higher side and looking at the kind of long build up positions that we are seeing in the last couple of days, we believe that it is more likely that it will break out on the higher side. So, it is a pre-empt call whereby on the downside one can keep a strict stop loss of Rs 590 at the lower side and still create the momentum on the higher side. We are looking for the target of somewhere near to Rs 625 in the current series itself.""Power Finance Corporation's charts are very weak and continues to surprise on the downside. We believe that there is a lot of resistance which have been placed somewhere near to levels or Rs 172. So, with a stop loss of Rs 172, I will be looking to go short on PFC for the target on the downside of Rs 150 on the lower side," he said.