Short Sterlite Ind near Rs 89-91; may dip to Rs 80: Kapoor

One can short Sterlite Industries around Rs 89-91 with a stop loss of Rs 94, as the stock is expected to decline towards Rs 82-80 levels, says Sahil Kapoor of Edelweiss.

Kapoor told CNBC-TV18, "From the metals perspective we have already seen a huge fall in the CNX metal index. Specifically if you see stocks like Tata Steel and Hindalco Industries , they have been beaten down very sharply. But from a chart perspective Sterlite Industries' chart you will see that there is a strong likelihood that it will close below the levels of Rs 90-91 today which clearly shows that the stock has more downside left."

He further added, "From the sector perspective Sterlite appears to be a very good short at current levels. Although it went up last week with good volumes but again the selling pressure has come back and it has broken the lows. So one should go short in Sterlite in the range of about Rs 89-91, keep a stop loss at Rs 94 and you could expect the stock to fall to about Rs 82-80 levels going forward in the next two-three weeks."

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