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Last Updated : Mar 29, 2016 11:05 AM IST | Source: CNBC-TV18

Short PNB, Lupin; Britannia may test Rs 2,550: Prakash Gaba

Prakash Gaba of is of the view that one may short Punjab National Bank and Lupin and feels that Britannia Industries may test Rs 2,550.

Prakash Gaba of told CNBC-TV18, "Punjab National Bank (PNB) looks a bit weak to me. The move that we have seen from levels of Rs 70 to Rs 90 is more of a reactive upmove. So, again looks like the down move is starting and PNB can slide down to levels closer to Rs 78, one could have a stop loss above Rs 85 and trade short."

"Britannia Industries went up three days in a row and then finally it cracked and yesterday’s move was actually a massive downmove of around 3.5 percent. Possible target on the downside could be in the vicinity of Rs 2,550 and stop above Rs 2,675. Britannia and some of the FMCG pack certainly look a bit weak to me," he said.

"Lupin has made a new low and that qualifies for a short. Possible target on the downside is Rs 1,450 and stop loss is above Rs 1,528."

"Yesterday post open, I did give a call on Idea Cellular and in a down day it paused. I have been stocking this chart for a while, looking for a breakout. It is a conditional buy; if it gets a breakout around Rs 106.50, then it is a buy with stop loss below Rs 104 and target closer to around Rs 109."

"Ashok Leyland is looking good to me. I had earlier given a target of around Rs 110, I think it can go to Rs 110-120. So, new blue sky territory, why put a ceiling and Rs 100 basically is a strong psychological support to work with. When a stock goes from two digits to three digits, it is a buy." 

"I think Oracle Financial Services Software looks okay to me, perhaps the stock can climb up from here. Stop loss is somewhere below the levels of Rs 3,460 or so and on the upside target could be Rs 3,600."

"The stock that looks weak is Glenmark Pharma. I think it has got a bit tired in the upper regions and opened down with a gap. I would have a stop loss above Rs 810 and trade short. Possible target could be in the vicinity of Rs 775-778. We don’t know where it will go, even lower, but I would have a stop loss above Rs 810 and trade short."

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First Published on Mar 29, 2016 11:04 am
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