Amit Harchekar of A Plus Analytics told CNBC-TV18, " Hero Motocorp is continuously forming lower-top and lower-bottom formation. Even despite yesterday’s smart pullback in the market, the stock was unable to close with the gains of more than 2 percent and that is the major sign of concern. It has already breached the long-term support line below Rs 3,150 and now the stock is projecting a target close to Rs 2,700 in the near term.
Any pullback towards Rs 3,000 becomes a good selling opportunity, in fact if anyone is initiating short positions at current level one can go short with the stoploss of Rs 3,050 and target can be seen at around Rs 2,750, he added.
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