Sell Idea, United Spirits, Zee Entertainment: Tater

In CNBC-TV18's popular show Bull's Eye, Aashish Tater, fortunewizard.com shares trading strategy of the day.

I am going long on L&T Finance Holdings for a target of Rs 85 from medium-term perspective with a stop loss of Rs 70. We feel this one stock is a likely contender for banking license and thus one looking for safety in terms of midcap and small cap space this stock can be looked from next 6 to 8 months perspective. Thus remain long on this particular stock. Idea Cellular is a short from our side. Given the tax notice that it has received we feel it would be in tremendous pressure. Even the technical snapshot suggests that the stock would eventually go and test Rs 93, however, for intraday take a target of Rs 98.90 and a stop loss of Rs 107.20 on a closing basis for a target of Rs 93 from short-term perspective. Short United Spirits for a target of close to Rs 1,675 with a positional stop loss of Rs 1,790. This was a pick as a multibagger for FY13, but given all the developments that is happening on the stock since we have almost tripled the money in this particular stock and given that technical indicators are now suggesting for a sharp selloff on the downside. It is likely possibility that the Diageo open offer could even fail which will trigger a selloff on the stock. Thus from safety measures we have advised our clients to exit the stock. I am going to short Zee Entertainment Enterprises for a target of to Rs 199 with a closing stop loss of Rs 210. It is a technical call and thus one should maintain a strict stop loss of Rs 210 for a target of Rs 199 in today’s trade.