Shubham Agarwal, senior technical analyst at Motilal Oswal Securities said banking stocks have rallied on account of short covering. There is no sign of a trend reversal in markets yet, he added.
Buy Bank of Baroda: If the stock sees follow up buying on Tuesday then that will be a confirmation of trend reversal and short term trades can be initiated there. Buy the stock above Rs 140 with a stop loss at Rs 110 for a target of Rs 155.
Short Tata Steel: We still don’t have confidence that Monday’s gains in Tata Steel will sustain. The stock might fall going ahead. Short Tata Steel around Rs 260-262, it can fall to Rs 200 level again. Buy put option in the stock.
Sell Vedanta: The stock is near its resistance area of Rs 75. Create fresh short positions at Rs 75 levels.
Buy SBI: Down side seems to be very limited. Buy SBI with a 2-3 months perspective for a target of Rs 225 and stop loss at Rs 145.
Short Just Dial: The medium trend in the stock is still down. Create fresh shorts in the stock around Rs 480-Rs 490 level for a target of Rs 300-310.