Buy IFCI, Sintex Ind; Sell HDIL: Aashish 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 IFCI for a target of Rs 37 with a closing stop of Rs 32.95. We feel IFCI was under pressure yesterday because of a technical sell-off on the entire Nifty and even the midcaps had sluggish day. There are possibilities of IFCI getting merged with IDBI and the way the charts are moving in tandem, the stock on adjusted book value should get stabilized around at Rs 45 mark thus remain long on this particular stock with the same strategy of closing stop loss of Rs 32.95 to Rs 33.
I am going to short HDIL for a target of Rs 108 with a stop loss of Rs 122. There was a technical breakdown in the midcap space and we feel 3:1 ratio on longs to short would be advisable for today’s trade and thus remain short on this particular stock with a tight stop loss of Rs 122 on closing basis. Sintex Industries is another long from our side. We feel Sintex has bottomed out and there is a likely possibility in the medium-term, the stock would go and stabilize around Rs 85 mark. However, we remain long on this particular stock with a closing stop of Rs 63 on intraday basis with a target of Rs 70 and eventually Rs 85. Even a positional stop loss of Rs 63 is required for this particular trade.
Buy Delta Corp with a target of Rs 80-81 is achievable in today’s trade however one should maintain a stop loss of Rs 73. On positional basis, target is Rs 85 with the same stop loss.