Short Reliance Capital at around Rs 425-430: Sameet Chavan

Sameet Chavan of Angel Broking is of the view that one may short Reliance Capital at around Rs 425-430 as the stock may slip to Rs 400.

Sameet Chavan of Angel Broking told CNBC-TV18, " Reliance Capital has broken down from it's multiple support zone of Rs 440-450 last week. From there it is now facing a strong resistance at around Rs 430-440. Going forward, we believe that this high beta counter is likely to slide towards Rs 400 and the near-term trend is clearly bearish."

"We believe that any bounce back towards Rs 425-430 can be a good shorting opportunity, Rs 440 could be a stop loss and our target would be Rs 400 on Reliance Capital," he added.

Disclosure: Analyst may have been recommended the stock to his clients but does not own the stock.

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