Buy Engineers India; sell Axis Bank, M&M: Aditya Agarwal

Aditya Agarwal of Way2Wealth Securities told CNBC-TV18, "Engineers India (EIL), for the last four months was trading in a rising channel. It gave a breakout last week. We saw some pull back and in yesterday's session some profit booking was there, but the stock has again taken a U-turn from its support area. So, from these levels, we are expecting it to test Rs 240-245 levels in the short term. So, risk reward ratio is clearly in favour of buyer. With a stop loss of Rs 220, one can go long in EIL at current level with a target of Rs 240 and Rs 245.""Axis Bank has seen a good pull back from lower levels in last two trading sessions. But overall structure is looking sideways to weak. We are expecting that the stock will again resume its selling pressure and it may retest Rs 520-525 levels in the short term. So, at current level, one may go short in Axis Bank, keeping a stop loss of Rs 560 for target of Rs 525," he said."Mahindra and Mahindra is a sell. This stock is trading in a band for the last couple of days now, Rs 1,420 and Rs 1,480 and on the higher side we are continuously seeing some distribution in the stock. So, the stock will continue to be under pressure and one can short Mahindra and Mahindra at current level with a stop loss of Rs 1,480 and on the lower side, one can expect target of Rs 1,420-1,425 in the short term," he added.