Sell Bank of India, HDIL, Unitech: Agarwal

In CNBC-TV18's popular show Bull's Eye, Abhishek Agarwal of Fortune Interfinance shares trading strategy of the day.
 
Sell Bank of India (BoI) with a target price of Rs 355 and a stop loss of Rs 375. Considering the profit booking in Nifty in last couple of sessions, I believe the market sentiment would be again weak today. Therefore, it is a sell call on BoI. The stock has given a strong run from the level of Rs 260 to Rs 370 in two months. Therefore, traders can go for a profit booking at current levels.
 
Sell Allahabad Bank with a target price of Rs 175 and a stop loss of Rs 184. Allahabad Bank is up by more than 40 percent in last two months. Considering, the overall bullish run in the public sector undertaking (PSU) bank, I expect some sort of profit booking in the entire sector. Allahabad Bank will not be an exceptional and therefore, has a short-term sell call on the counter.
 
Sell HDIL with the target price of Rs 116 and a stop loss of Rs 122. High beta stocks would be punished if the market falls from the current levels. HDIL has already moved up significantly from Rs 70 to current levels. Henceforth, a short-term profit booking again can be expected in real estate sector and even in HDIL.
 
Sell Unitech with a target price of Rs 36 and a stop loss of Rs 38. Unitech has participated amazingly in the last one and a half months of great run. The stock has fallen sharply in yesterday’s late closing sessions. It seems that profit booking is taking place in the counter and considering the negative sentiment in the current market, it can further go down. I am bearish on the counter for short-term.