Sell Essar with a target of 52: Mitesh Thacker

In a chat with ET NOW, Mitesh Thacker, Technical Analyst, miteshthacker.com talks about Essar.

What is your call on Essar?

I have got a sell on Essar Oil. Of course this is news driven. We have a negative price pattern additions of open interest, quite hectic in the last 15-20 minutes over there but this one has also broken below the 10-day average and a slightly negative pattern has also emerged on the charts.

With the news that today the stock is likely to decline further. So somebody is holding out shorts or somebody is lucky enough to get a short in the early morning trade, 52 could be a good target over here and 60.5 should be the trading stop loss.