Sell Andhra Bank, Idea, Crompton Greaves: 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 Pidilite Industries for a target of Rs 222 and eventual target of Rs 230. On risk reward front this looks pretty attractive and even on intraday basis one should go long on this particular stock with a stop loss of Rs 212.65 and a target of Rs 222.
I am going to short Andhra Bank for a target of Rs 110 with a closing stop of around Rs 120. We have a target of Rs 100 on this particular stock. Yesterday as told that after RBI policy there is a likely profit booking as well as pressure in the midcap PSU banking space which sustained despite poor results have now started cracking. We feel the follow on sell off will continue even in today’s trade. Thus remain short on this particular stock with the same strategy.
Go short on Idea Cellular for target of Rs 112.65 and an eventual target of Rs 110.65 with a closing stop of Rs 116.70. We feel Idea numbers have been below our expectation and even on margin front the stock has disappointed a bit, thus this could be one stock which could see some pressure in today’s trade.
Short Crompton Greaves. We expected average set of numbers from Crompton Greaves given that the sector itself is in some problem but they have posted dismal set of results. We expect the bottoming out process given that there is one time expense that the company has factored in but still the result is below our estimates. Thus, from today’s angle there will be some pressure on this particular stock where we would see longs getting unwinded, thus remain short on the stock for a target of Rs 105 and one should go and buy the stock at around Rs 100 zone where it is finding support again and again.