Short Ranbaxy, Dena Bank: Saurabh Mittal

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

Short Ranbaxy Laboratories with a target of Rs 515 and a stoploss of Rs 535. In yesterdays trade Ranbaxy showed some weakness when the market rallied. The market might be sort of ready for little bit of consolidation or some profit taking and you might see some pullbacks in some stocks. So, I am taking a bit of hedged position and I am going short on Ranbaxy just for the day. Short Dena Bank with a target of Rs 96 and stoploss of Rs 101. Dena Bank has had a great run over the last few trading sessions from Rs 85 to Rs 101 and you should expect some sort of profit taking given that all the news has been factored in and the RBI CRR cut has prompted the banks to rally more than sufficiently over the last couple of trading sessions and I think they are ready for some profit taking. Long on Unitech with a target of Rs 24 and a stoploss of Rs 22. Unitech has been beaten down over the last few years and there seems to be a lot of bad news that is out given the Nortel separation and the other softness in the market. But now that the markets have rallied I think Unitech might have formed bottom here around the Rs 18.5-19 level. In the last 2 or 3 sessions we have seen some strong buying coming into the stock and just for another couple of sessions you might see that continuing. Long on Ansal Properties & Infrastructure with a target of Rs 31 and stoploss of Rs 27, similar story on API here as Unitech. Unitech and the smaller real estate companies have been under a lot of pressure and you might see some upward move. We saw nice 10% move in API yesterday and this might continue for the trading day today. So, I am bullish on the stock.