Sell Bharat Electronics, GE Shipping: Pankaj Jain

In CNBC-TV18's popular show Bull's Eye, Pankaj Jain, Sunteck Wealthmax shares trading strategy of the day.

Buy Bank of Baroda. What we have seen yesterday that after dismal performance of most of the PSU banks couple of days back, yesterday result performance from say Bank of Baroda, Allahabad Bank, Syndicate Bank was much better than other PSU Banks and the kind of rebound we have seen, the kind of volume pattern we have seen in most of the PSU banks could take the momentum in PSU Banks much higher. And not to forget that today RBI comes out with its monetary policy and there is almost consensus zero expectation from the policy and may be RBI could give some bit of positiveness in their policy. Buy Geometric. What we have seen in this stock in last 7-8 trading days after 20th July, the volumes have been very strong. Before that for the last 3-4 months the stock had been hovering around, accumulating in that Rs 65-75 zone. After that we have seen a very strong vertical takeoff in the stock. Stock is making fresh new recent highs and the kind of volume pattern we have seen, the kind of breakout we have seen, I think it suggests that the stock could go much higher. Sell BEL (Bharat Electronics) and basic reason for that the kind of poor results company came out with. After that we have seen a fall in the stock and the volumes were very heavy. We have seen that a serious zone, that Rs 1190-1230 zone, that zone has been breached and we think that stock could fall another Rs 100 in next few days. So target price for BEL is Rs 1105 for the day. Sell GE Shipping August with a target of Rs 251. Yesterday inspite of Nifty being positive, GE Shipping closed below its 20 day moving average with a fall of about 2-3%. Generally shipping stocks are out of favor, out of flavor because of poor macro global economic conditions and recent technicals of the stock suggest that momentums are negative and this negative momentum could accelerate in coming days. So taking this factor into consideration, we have gone short on GE Shipping.