Short ITC, TCS; buy Yes Bank: Amit Harchekar

Amit Harchekar of A PLUS Analytics told CNBC-TV18, "My first recommendation would be a buy on Yes Bank. The short coverings like to take stock further higher towards Rs 1,300-1,320. So, we would recommend going long with a stoploss of Rs 1,220.""Second recommendation would be buying on M&M Financials. Major short covering has happened at the price of Rs 329 and we think the short covering there could take towards Rs 353. So, Rs 323 turns out to be a stoploss on intraday basis," he added. "The third recommendation is going short on ITC. Post expiry we have seen addition of around 14 percent of open interest on the short side and the stock is poised for a decline towards Rs 242. So, stoploss for the short trade is at Rs 262.""The other recommendation would be going short on Tata Consultancy Services (TCS). We think on weekly chart TCS is facing major hurdles which also coincides with resistance line in CNX IT index. So, we would recommend going short on TCS with a stoploss of Rs 2,725. We are expecting target of around Rs 2,600," he said.