Sell Reliance Capital if Nifty breaches 5000 mark: Vijay Bhambwani, BSPLindia.com

In a chat with ET Now, Vijay Bhambwani, Author, CEO, BSPLindia.com (Technical Check) shares his views on Reliance Capital.

Is there a trade on the short side on any of the large caps, Reliance Capital, because they are looking distinctly weak now?

5020-5025 on the Nifty as a trigger for your long positions. Should that be violated on if the Nifty actually goes below 5000 levels, the fall will be fairly steep. In that case, you short Reliance Capital in the September future series provided it trades below the 412-413 levels in the September futures. Keep a stop loss of Rs 2 or Rs 3, say preferably at 417-418 levels and the probability of you squaring up that short position at around 405-408 levels is fairly good but provided Nifty violates that 5000 mark.