Buy IndusInd Bank, Madras Cements; sell YES Bank: Experts

Sudarshan Sukhani of s2analytics.com, SP Tulsian of sptulsian.com and Amit Trivedi of Investworks.in suggest trading ideas for Wednesday trade.

Sudarshan Sukhani, s2analytics.com Markets are in a downtrend and for today we can consider selling Adani Ports. Adani Ports was already in a down move then it started a consolidation process which took the form of a symmetrical triangle, that triangle has broken down today. So it seems that the triangle was part of a continuation pattern which tells us that a significant down move is now going to come almost equal to the earlier downtrend. Sell Adani Ports today and if one sees it falling then one can also carry part of his/her position. Banks are the weakest sector we are seeing and we should consider selling Yes Bank which is probably ripe for another decline. The stock saw a rally on Tuesday and that rally saw significant resistance in the Rs 455-460 area. It seems that this resistance could easily hold, therefore, keep a stop loss just above it and with this kind of money management sell Yes Bank. Once it starts coming down it is likely to give us a significant down move. SP Tulsian, sptulsian.com Madras Cements now ruling at around Rs 215-216 looks a good short-term buy for a week to 10 days view for a price target of Rs 230. In fact the stock has corrected in this last two-three days and on Tuesday we have seen buying coming back into the stock from the informed circle where the level of Rs 210 was maintained. And this buying momentum is likely to continue in the near term which can make the stock to move at a level of Rs 230 or plus. Amit Trivedi, Investworks.in Given the way markets have sold off we have two recommendations on the long side. Our first recommendation is to buy Tata Steel which can be bought at around Rs 265 for a target of Rs 280 and stop loss can be placed at around Rs 260. Second recommendation is to buy IndusInd Bank which can be bought for a target of Rs 485. One can buy it around Rs 470 and place a stop loss at Rs 464 levels.