Can go short on Idea with a stop loss of 60-50: Sandeep Wagle, APTART Technical Advisory Services

Sandeep Wagle, Founder & MD, APTART Technical Advisory Services, in a chat with ET Now talks about the telecom stocks.

You have a sell on Idea. What happens to somebody who has the position, do they leave it with a stop loss in place or are you basically saying ‘look perhaps exit in may be a Bharti or an RComm or something else makes sense’?

All the three would be equally bad. Idea and Bharti are the worst. RComm is not as bad and what we are witnessing today is - with the markets, the international cues and other markets going up - a pullback rally. If you were long, this is a chance to exit. If you are short, you can hold on for a target of 48 or every rally in the range of 56-58.

In Idea specifically, you can go short with a stop loss of 60-50 where above that the trend may change and on the downside, we still maintain the target of around 48.00-48.50, which should come in the next 5-8 trading sessions.

What is your outlook on Bharti on the charts?

It is at a support of 260 but that will be broken and once below 260, I have a target of around 245-240 or possibly even little lower than that. So for me to buy Bharti, it is to close well above 275-280, then there would be some semblance of strength.

As of now, whatever the bounce back has happened today is a pullback for me and this is an opportunity to exit or go short, specifically if you are a trader. If you are a long-term investor, then it is a different story altogether.