Buy Indiabulls Housing, Wockhardt; sell Jet Airways: LKP Sec

Gaurav Bissa of LKP Securities told CNBC-TV18, “My first recommendation would a buy on Indiabulls Housing Finance. It has been finding some amount of resilience at Rs 695-700 kind of levels. If you look at the daily charts, there were multiple candles having the daily highs at around Rs 695-700. It is trading comfortably around these levels and is above its 50-day moving average. Momentum seems to be picking up and volume participation is evident. I expect this stock to touch levels of Rs 735 in the near-term. One can have a stop loss at Rs 705 or Rs 700. If Rs 735 sustains, then we will have a much better move because Rs 735 has been the inflection point, reversed on many occasions from those levels.”  “My second recommendation would be a buy on Wockhardt. This stock has been finding good amount of support at Rs 1,170-1,165 kind of levels and we have seen good amount of bounce back coming from those levels. Breakout would be seen above Rs 1,205-1,210 and that can take this stock all the way till Rs 1,285-1,290 which is quite possible. It might be pre-emptive at this point of time, but the risk rewards are just too favourable. Relative strength index is in deeply oversold, just coming above from those levels. So, it is a very positive sign. I would recommend going long for targets of Rs 1,260. One can have a stop loss at Rs 1,170,” he said.  “Last recommendation would be a sell on Jet Airways. The stock has been finding some amount of resistance at Rs 650-655 levels today. On a very short-term basis, it has given a break down above Rs 645-640 levels. So, as long as it trades below Rs 640 levels, the chances of targets of Rs 600 would be quite possible. I would recommend going short in this stock. The RSI and the momentum indicators all are falling. I think this stock can even touch levels of Rs 620 today itself. One can have a stop loss at Rs 650.”