Sell Yes Bank, JSW Steel: Doctor

In CNBC-TV18's popular show Bull's Eye, Parag Doctor, Keynote Capital shares trading strategy of the day.

Idea Cellular has bottomed out around Rs 105-107 area where the support comes in from the 50-day moving average. The stock has started a short-term uptrend and can be bought with a stop loss of Rs 106 and a target of Rs 112. In the medium-term Idea Cellular could move higher to around Rs 120-125 levels as the stock has a very strong base around Rs 100 levels. Wockhardt Pharma has been in a strong uptrend for several months now and has made a fresh 52-week high. The stock has had a breakout above Rs 1,850 zone in the recent past and can be bought with a stop loss of Rs 1,875 and a target of Rs 1,975. In the medium-term Wockhardt Pharma could scale Rs 2,000 mark. JSW Steel along with the other metal stocks has witnessed weakness yesterday. The stock is expected to move lower to a target around Rs 740 levels and can be sold with a stop loss of Rs 800. JSW Steel is expected to find longer term support around Rs 720-730 levels which is where the 200-day moving average is located. Yes Bank has broken important medium-term support from the 50-day moving average in yesterday’s trading. The stock can be sold with a stop loss of Rs 510 and an immediate target of around Rs 460. Support for Yes Bank is expected to come in in the medium-term around Rs 440-450 levels which is where the 100-day moving average is located.