Buy CESC, Indian Oil Corporation; sell Tata Steel: Yogesh Mehta

Yogesh Mehta of Motilal Oswal told CNBC-TV18, "CESC has given a strong break out after a consideration of 8-10 session between Rs 600 to Rs 630. Today, it is quoting at Rs 637 and we are looking at Rs 660 as a price target keeping a near term stop loss for Rs 625." "Indian Oil Corporation (IOC) is quoting at Rs 318-319 levels which has again shown a good break out above Rs 310. So, closing was higher than that level. We are looking at a buy with a stop loss of Rs 310 in near term, for two to three days of trade keeping a target of Rs 335 to Rs 340," he said."We are looking at a short idea on the metal side which is Tata Steel. Currently, it is quoting at Rs 389 and has shown continuous fall since Rs 435 levels to Rs 380. Again it is into a bearish pattern and till it crosses Rs 395, keeping that as a stop loss we are giving a short idea and target would be Rs 375-376."