Go long in Jain Irrigation, ICICI Bank; short Biocon: Rahul Shah

Rahul Shah of Motilal Oswal told CNBC-TV18, "We have seen Jain Irrigation do quite well and touching a 52-week high on Friday and today also, the stock is trading quite firmly. We have seen the stock technically as well as on the futures and options (F&O) front, seen a lot of longs built up happening. So, technically also the stock has closed above Rs 102 levels which was crucial level. So, now, one should keep a stop loss of Rs 102 and target of Rs 112 and go long on Jain Irrigation." "Biocon which reported numbers last week saw some kind of short-covering. We have seen some kind of longs getting unwinded in today’s session. So, I see now that the stock has done quite well and we will see some consolidation happening post results, the way the longs have been unwinded. So, I would go short on Biocon with a stop loss of Rs 1,010 and target of Rs 940," he said."ICICI Bank which has been a laggard for quite some time has seeing some kind of momentum getting built up in the stocks. Technically also the stock is giving breakout and on F&O front also, the longs have added and that is a star performer as well as in the Bank Nifty. So I would go long with a stop loss of Rs 275 and target of Rs 300."