Book profits in Idea Cellular: Atul Badkar

Book profits in Idea Cellular, says Atul Badkar, VP - Institutional Equities - Derivatives Desk, Edelweiss Securities.

Badkar told CNBC-TV18, "Yesterday’s move in telecom was quite honestly surprising to a lot of us. Having said that, I  think in that entire pack Bharti Airtel looks quite strong. From current levels at around Rs 345 this stock can get you  around Rs 360-370 quite easily."
He further added, "After Idea’s move yesterday I will be careful taking any fresh longs in that immediately simply  because even on fundamentals we think that this is a bit overvalued. On charts it has given you a breakout, but I think  yesterday’s move does not really compel me to take any fresh longs in that name. I would ideally book profits in Idea."
"You will not see correction in Bharti that easily which will be about 5 or 7 percent in a day, it is quite rear for that to  happen, so it is sort of a semi-defensive stock to be in. So after yesterday’s move I think Bharti looks good for a 3-5  percent upside."
"On interest rate sensitives you will not want to take any aggressive long positions at this point of time. ICICI Bank has  closed above Rs 1,200 mark and it is one chart that is looking quite interesting. That can give you that quick 5 or 6  percent if the market was to move between 6050-6150. So that is the best trading bet from the entire banking space  which is why ICICI Bank at this point of time looks interesting."
"Having said that I would not say you take up long position immediately as soon as market opens, just watch the first  half and if the market sustains that 6050 level and above I think ICICI Bank makes sense to go long for."