Buy PTC, IDFC; Sell Jet Airway, Amb Cement: Pankaj Jain

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

PTC is my first long call for the day. With 49% FDI allowed in power PTC seems to be direct and frontline beneficiary of that and we had seen positive momentum, positive traction in the stock. Stock after scaling 20 DMA closed almost breached 50 DMA with very strong volumes. The momentum was on throughout the day and stock closed with a positive momentum. So, we believe the fundamental as well as technical’s on short term basis augur well for PTC. I have gone long on IDFC with stoploss at Rs 142.75, target price of Rs 153.75. The kind of short positions we have seen in most of the frontline financial stocks, I think it is a combination of change of fundamentals and sort of short covering in the stock. Stock closed with very positive RSI indicators. Short Jet Airways with a stoploss at Rs 369 and target price of Rs 346. Jet Airways after opening with euphoria of FDI in aviation cam down and reasons were very fundamental because Jet Airways does not seem to be immediate beneficiary of that. Jet already has a very complex share structure and most of the money is routed through Mauritius and already lot of foreign direct-indirect foreign holding is there in the stock and unless Mr Goyal brings down his own stake in some form Jet Airways cannot be a beneficiary of that. Short Ambuja Cements with stoploss at Rs 197, target price of Rs 187 for the day.