Sell Dena Bank, JP Associates, HPCL: Mittal

In CNBC-TV18's popular show Bull's Eye, Saurabh Mittal, Swadeshi Credit shares trading strategy of the day.

Short Dena Bank with target of Rs 99 and stop loss of Rs 105. Dena Bank has moved up in the last few days given QE3 and the RBI cutting the CRR and all the banking stocks have shown some strength but the way the market moved yesterday and a little bit of correction is probably due and all these stocks profits taking so I am shorting Dena Bank for today. Short JP Associates. It had a great move down from Rs 60 to almost Rs 80 and the stock seems to be ready for some profit taking and there is pressure on the market as well and so we might see a few points on the downside on JP Associates and we might be able to make some money on this today. Short HPCL with target of Rs 290 and stop loss of Rs 300. The oil marketing companies have also shown some strength after the diesel price hike but given the political uncertainty and the logjam in parliament, etc there might be some uncertainty as to where this goes and there might be a rollback likely or no further cuts for the foreseeable future or no hikes in prices. So I think these stocks may not perform well and if the market sees some correction we might see some downsides on these stocks as well.  Buy OnMobile Global with a target of Rs 46 and stop loss at Rs 40. Disclosure: I don't have holdings in any stocks discussed but may have recommended them to clients.