Buy Titan Industries; Sell IDBI: Nirmal Bang

Dipesh Mehta, Nirmal Bang Securities is of the view that one can short IDBI with a target of Rs 102 on the lower side. “Buy Titan Industries at around Rs 290 for the target of Rs 340,” he adds.

Mehta told CNBC-TV18, “IDBI Bank has seen fresh shorts since the morning today. Today’s high will be a very strong resistance level for this bank. Since it will act as a hedge also against the buys we are trading at so I would recommend people to go short in IDBI with a target of Rs 102 on the lower side.” He further added, “Titan Industries is a counter which still has the momentum to go upside and see targets of Rs 340 on the higher side. But for this 52-week high I don’t think market will support for around five to six trading days from now. So, I think it is a consolidation phase for them and we will see little bit more profit booking in those counters. So, I would recommend people not to get in at current moment on those stocks but Titan is one stock which people can see and buy and accumulate around Rs 290-285 levels for the targets of Rs 340 on the higher side.”