Buy Glenmark Pharma; sell BoB, UPL: SP Tulsian

SP Tulsian of sptulsian.com told CNBC-TV18, "One may go long in Glenmark Pharma. The stock has been in accumulation mode may be for last couple of weeks. Yesterday we have seen 60 percent of the delivery in cash segments on a low volume and till now we have already seen three times of yesterday’s volume. It means that there is going to be good amount of delivery based buying."

He further added, "I am presuming that even if it turns out to be 40 percent delivery, it is giving a good indication. Apart from that in January series we have been seeing open interest increasing and open interest increasing with the rising price trend then obviously the position is being created into Glenmark. Again this was the only pharma stock among the larger space which has not really participated in this rally. Go ong on Glenmark with a target of Rs 546 and stoploss of Rs 536."

"One may short Bank of Baroda (BoB). The stock has been week. Infact today there has been mix trend, at least in the last half hour, we have seen Punjab National Bank (PNB) moving up, Canara Bank, Bank of India and State Bank of India, they have all been holding positive move. But BoB was unable to do that. Yesterday also it was weak, even today may be at the higher levels people are wanting to exit which they are unable to. So the sudden drop may be seen in this last half hour, so look for a level of Rs 642 with stoploss of Rs 654," Tulsian said.

He further said, "One may short Jindal Steel and Power (JSPL) because of the coal block deallocation and because of the stock moved out from the Sensex. So all these things are negative. Yesterday we have seen technical strength remaining into the stock, but today that seems to be fizzling out, so look for a level of Rs 258.50 and stoploss of Rs 263.50."