Hold onto Aban Offshore at a short position with stop loss of 1213: Hemen Kapadia

Hemen Kapadia, CEO, chartpundit.com in a chat with ET Now gives his take on Aban Offshore.

Aban Offshore, is a very volatile counter but for somebody who has got a trading interest has gone long or short yesterday, what would you advise?

If he has gone short yesterday, there is a negative bias. If you look at the daily price chart, we have a progressively lower top and bottom scenario which simply means that we are in a short term downtrend. We are also quoting below the 55-week moving average. So as of now there is a distinct negative bias in the short term. So at a short position one can hold onto it with a stop loss of 1213 in terms of closing.