Buy IOC, Unitech, Apollo Tyres: Aashish Tater

In CNBC-TV18's popular show Bull's Eye, Aashish Tater of FortuneWizard.com shares his trading strategies for the day.

I am going to short Jubilant Foodworks for a target of Rs 950 and a stop loss on closing basis at Rs 1,040. Jubilant Food as we expected will not close above Rs 1,150, but will eventually break that Rs 1,050 odd mark and with yesterday’s poor dismal result we feel the valuation that it is trading at is quite at a premium. Thus the valuation because of the lower growth than what the market expects we expect a set of downgrades for the stock and we feel the stock will eventually go and close around at Rs 900 odd mark. Thus maintain a strict stop loss on closing basis of Rs 1,040 and a target of Rs 950 for today. I am going long on Indian Oil Corporation (IOC) for a target of Rs 311 with a stop loss of around Rs 291 on closing basis. IOC is one stock where we feel at current levels the valuations are quite compelling and the stock will eventually go and test Rs 340-350 odd mark, thus this is one stock which can be bought even from medium-term perspective. Unitech is another stock where we feel a target of close to Rs 30.80 is likely to be achievable if the closing is not below that Rs 28.80-28.90 zone thus maintaining a stop loss of Rs 28.80 on closing basis one can still remain long on this particular stock for a target of Rs 30.80. I am going long on Apollo Tyres for a target of Rs 98 and the stop loss of Rs 93.50. There should be a strict stop loss of Rs 93.50 because today is the result day, but we feel the numbers would be quite good from market perspective and given that yesterday because of Nomura downgrade the stock has corrected to decent level there can be 4-5 percent upside in today’s trade.