Short Kotak Mah Bank, buy Ranbaxy Labs: Panda

Panda told CNBC-TV18, “As a recommendation I would like to recommend sell Kotak Mahindra Bank. We have seen from either level some pressure coming and we expect a target of Rs 532 on Kotak Bank. Keep the stoploss at Rs 555 and from the current level if you sell we couldn’t see the support level once more coming at Rs 530-532 so that’s the target and this is right opportunity to sell whatever we have seen action there and short positions build up. That’s on the short side.”

He further added, “On the long side we are going to a defensive once more on Ranbaxy Laboratories after the good results had seen good amount of correction and gone below Rs 500 levels now. Keep Rs 490 as the stop loss and we could so this defensive once more doing well and Rs 530-532 could be the target. So that’s the long where you can go. Go to a defensive. Although Divi’s Lab is doing well today but Ranbaxy is one counter where I would like to go long.”