Sell Titan; Karnataka Bank may test Rs 106.50: Rajat Bose

Rajat Bose of rajatkbose.com told CNBC-TV18, "Sell Titan Company, it looks pretty weak. The stock has given a price volume break down yesterday and chances are that Titan would continue in its downside movement. It can be pretty volatile, so I have kept a stretched stop of Rs 357 and the targets are Rs 329 to about Rs 321.""IDBI Bank continues to remain weak and I find that even though at lower levels there had been some buying interest but the kind of volume that it has generated, any kind of weakness in the market especially in the banking sector, IDBI might fall below Rs 64, a low recorded yesterday. So probably it would bottom out close to about Rs 60. So Rs 61 and Rs 57 are my targets and I have kept a stretched stop loss of Rs 71.40 because I am expecting some volatility even here. In fact most of the banking stocks will show quite a bit of volatility in today's session," he said."Sometimes when you stretch yourself too far from the five day moving average, you tend to give a pullback rally and that is the basic premise of this long side trade in Karnataka Bank because I have seen such rallies happening earlier in other stocks as well as in banking stocks, Rs 106.85 is five-days moving average and yesterday it closed at Rs 98.75. That is why a pullback could be likely here and I have kept a strict stop loss of Rs 93 and Rs 101 and Rs 103 are the targets that I have kept. It is not a very favourable risk reward ratio, 1:1 kind of a risk reward ratio. If Rs 103 is taken out then it would go and regress to the mean and touch Rs 106.50."