We have a short bias on VIP & TTK Prestige: Mitesh Thacker
"We have minor short positions and not all of them have been recommended to the clients purely because it is too early to get into some kind of short positions but we have short biases in stocks, like VIP."
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| Updated: Mitesh Thacker, Technical Analyst, miteshthacker.com in an interview with ET Now talks about consumption stocks.
Is the call same on all these consumption stocks because on a really nice day, you mentioned a sell on VIP, Jubilant is in the red too and not that Delta Corp is showing extremely buoyant action today...
We have minor short positions and not all of them have been recommended to the clients purely because it is too early to get into some kind of short positions but we have short biases in stocks, like VIP. TTK, yes. Titan, Delta Corp, all of them, they have not really participated in the last few days. We have seen signals of correction, first signals of weakness emerge over here.
My sense is that apart from Bata, the space has got a good chance of correcting about 8-10% or probably even more in case market kind of stops and we see some kind of profit booking emerging, let’s not forget that these stocks have had a very good run, so every stock, which goes out, will go through some kind of correction. So consumption space looks very likely now that it is just getting into the mode of starting a good corrective movement.
Is the call same on all these consumption stocks because on a really nice day, you mentioned a sell on VIP, Jubilant is in the red too and not that Delta Corp is showing extremely buoyant action today...
We have minor short positions and not all of them have been recommended to the clients purely because it is too early to get into some kind of short positions but we have short biases in stocks, like VIP. TTK, yes. Titan, Delta Corp, all of them, they have not really participated in the last few days. We have seen signals of correction, first signals of weakness emerge over here.
My sense is that apart from Bata, the space has got a good chance of correcting about 8-10% or probably even more in case market kind of stops and we see some kind of profit booking emerging, let’s not forget that these stocks have had a very good run, so every stock, which goes out, will go through some kind of correction. So consumption space looks very likely now that it is just getting into the mode of starting a good corrective movement.
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