According to Amit Harchekar of A-Plus Analytics, one may short Tata Motors at around Rs 497.
Amit Harchekar of A-Plus Analytics told CNBC-TV18, "The reason for going short on auto space is if one looks into the global automakers charts like BMW, Daimler group or Renault-Nissan all these stocks have formed bearish pattern on weekly charts and they are projecting a downside of 15 percent in the coming months. So similar distribution is already seen in stock like Tata Motors , stock has already formed rounding top pattern and that is projecting a target somewhere around Rs 430-440 in the coming months. So from a trading perspective, we don't expect the stock to sustain levels of Rs 497 in the coming days."
"We are recommending going short at around below Rs 497 with a stoploss of Rs 517. We are expecting this stock to test levels of Rs 460 in the coming days," he added.
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