Short Maruti Suzuki, advises Siddharth Bhamre

Siddharth Bhamre of Angel Broking recommends shorting Maruti Suzuki India at current levels as the stock may shed 90-100 points and test Rs 1844.

Siddharth Bhamre of Angel Broking told CNBC-TV18, "The built-up in Maruti Suzuki India  is very huge in the last series. Price action no doubt is the biggest outperformer in this sector with huge addition of long positions, the rollover was also high. In today's market scenario when midcaps did well, large cap were also fine."

"In the last two trading sessions Maruti has been showing a downward tick. I am not expecting this stock to crash but what I am expecting is because of this long unwinding, the stock can show a dip of 90-100 points and we want to capitalise on this. That is the reason we are shorting Maruti. Our target is around Rs 1844 which is like 90 points from current levels. Fix a stoploss somewhere around Rs 1970 and go short in Maruti," he said.

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