Short Engineers India, says Gaurav Bissa

Gaurav Bissa of LKP Securities is of the view that one can short Engineers India with a target of Rs 205.

Gaurav Bissa of LKP Securities told CNBC-TV18, " Engineers India had fallen on good volumes, long unwinding was seen consistently in the stock. It is showing weak momentum. A long unwinding still continues to be seen in this stock. Though the stock has seen some amount of bounce back form Rs 205 odd levels, a 4-5 percent jump the kind of short covering or long positions that you will generally associate with such a move is not seen yet. It is indicating that the stock will continue to face pressure on higher levels, Rs 220 was its earlier support and stock was trending above this level."

"Now Rs 220 will now act as a good resistance level for this stock. So one can go short in this stock for target price of Rs 205 keeping a stoploss at Rs 220," he added.

Disclosure: Analyst does not have any personal holdings in the stock but it is possible that he may have recommended the same to his clients at LKP.

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