Go long in IndusInd Bank; short Biocon: Rahul Shah

Rahul Shah of Motilal Oswal told CNBC-TV18, "We have seen that in PSU banks longs getting unwinded and shorts also getting built-in in a lot of stocks. However, I think private sector banks continue to hold on. So, my top pick in going long is IndusInd Bank. I would buy it with a stop loss of Rs 1,185 and a target of Rs 1,275." "Second is a short idea from a pharmaceutical space, Biocon. We have seen a fantastic run up in the last few months but now post results, we have seen the momentum being lost and shorts being added post that. We will see that some kind of more downfall in Biocon. So, I would short the stock with a stop loss of Rs 935 and target of Rs 870," he said.