Go long in YES Bank, SKS Microfinance: Ashish Chaturmohta

Ashish Chaturmohta of Fortune Group told CNBC-TV18, "Post the results, YES Bank has seen very strong build up of long positions. The stock has formed a major double bottom formation around Rs 780-800 kind of levels and from those levels we have seen a very steep rally in the stock. In last two days we saw some correction but again we are witnessing some amount of higher bottom formation is getting build up in the stock. So, we are recommending long position in the stock with a stop loss below Rs 818 and on upside we expect a target of Rs 880-890 in next five to seven trading sessions."

"SKS Microfinance corrected from Rs 520 to almost Rs 420. It was a previous breakout level of the rally clearly indicating that Rs 420-430 should act as a strong support in the stock. However, on the upside the stock has a potential to cross back its previous high which is around Rs 520. At current level, we are recommending long position keeping a stop loss below Rs 450 and on upside we are expecting a target of Rs 510-520 in next couple of trading sessions," he said.

"Indiabulls Housing Finance has formed a major double bottom formation around Rs 560 and has given a fresh breakout on the daily and weekly charts above Rs 580. So, clearly the momentum will continue in the stock. On the downside one can keep a stop loss below Rs 565 and initiate long position. On the upside we expect the stock to cross it's all time high which is around Rs 620-630."

Disclosure: Analyst does not have any personal holdings.