Buy Ipca Labs, Ranbaxy Labs: Pankaj Jain

In CNBC-TV18's popular show Bull's Eye, Pankaj Jain, Sunteck Wealthmax shares trading strategy of the day.

Long Ipca Labs with target price of Rs 429 and stop loss at Rs 412. What we have seen in this stock, this stock has moved very consistently in last 5-6 months from levels closer to Rs 270-280 to levels closer to Rs 410 now. Q1 results were pretty okay, not very exciting, but okay kind. But one of the better things was that their domestic market operations have improved tremendously. Long on Ranbaxy. What we have seen in Ranbaxy that day by day things are falling into places and the company is moving very strongly, it’s resolving all its pending issues with USFDA and the performance of the company in this quarter was not all that good, but in coming quarters it is expected that performance will be very good and cash balances of the company would improve tremendously. I believe that Ranbaxy is one of the potential sort of semi-multibagger. Short Indiabulls Real Estate. What we have seen in most of the real estate counters in last 4-5 trading days they have shown weakness and after that Veritas Report most of the Indiabulls stocks have taken a beating. Indiabulls Real Estate was having a support zone at closer to Rs 49-50. Once that zone was breached I think the stock is heading to levels closer to Rs 41-42. Short on Oriental Bank of Commerce. What we have seen that most of these midcap PSU banks have been showing consistent weakness, maybe Oriental Bank of Commerce, Canara Bank, Vijaya Bank, Syndicate Bank, UCO Bank. Out of this for today’s position I have picked up Oriental Bank of Commerce. What we have seen that in this stock recently post-results, unexpectedly results of Oriental Bank of Commerce were good. Stock rallied on basis of short covering from levels closer to Rs 210 to levels closer to Rs 240. I think the stock is again showing weakness and could again fall back to levels closer to Rs 210-215.