Short Unitech, Jubilant Foodworks; Long Jet Airways: Jain

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

My first call is short call on Unitech. What we have been seeing in most of these real estate counters, they are already trading at fresh 52 week lows and the kind of selling that was seen in these counters especially in last one hour of the trade sort of suggested that further weakness is in offing. Unitech doesn't matter. It is almost at its support zone of Rs 19-21 but the kind of weakness stock showed in last half an hour makes us believe that stock may see further hammering in today's trading.
My second call is short on Jubilant Foodworks. Jubilant Foodworks closed below its support zone of Rs 995 and stock is showing weakness. We believe that stock could lose another 5-7 percent from current levels in coming days. After poor or disappointing last two quarter results whereby company has scaled down the growth and even revenues have been not up to the market expectation, we believe that the profit booking which is going on in this stock should continue for some more time.
Third call is long call on Jet Airways. After losing about 30-33 percent from its recent peak, we are seeing some kind of pull back in the stock in yesterday’s trading was seen and today it is expected that Foreign Investment Promotion Board (FIPB) may give its nod for the Jet Airways-Etihad deal and taking that into background, we believe that pullback which was seen yesterday may continue for some more time.
Fourth and final call is long call on Ipca Laboratories. Ipca Laboratories is one of the best performing midcap pharmaceutical companies and consistently this stock has been trading above 20 DMA and inspite of the kind of turmoil that was seen in markets in last five-seven trading days, Ipca Labs was holding on. Yesterday, after correcting a bit, it again pulled back. The kind of pull back that was seen in last session of the trades, we believe that Ipca Labs could again scale back to levels closer to Rs 670-675 which was seen two days back.