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Sell Tata Steel, YES Bank, Hindalco: SP Tulsian

Sell Tata Steel, YES Bank, Hindalco: SP Tulsian

SP Tulsian of sptulsian.com told CNBC-TV18, "One may short Tata Steel because we have been seeing the profit booking coming in, in fact delivery based selling has been seen in the stock for last one week or so, but if you see today, 65 lakh shares have already been transacted in the cash segment. In Futures there is a fresh short built up of about 30 lakh shares. The increase in open interest indicates that the fresh shorts are seen getting built up. So, look for a level of Rs 345 with a stoploss of Rs 353."

"One may short Hindalco Industries . We have seen the stock moving up from Rs 98 to Rs 125 one way and that has actually happened with the huge delivery based buying happening on all those four or six days in the past. So, now the unwinding or may be the profit booking has started again seen in the form of delivery based selling. Yesterday also we have seen about 95 lakh shares having delivered combined on BSE and NSE put together.

So, today also already a volume of 1 crore 10 lakh shares have happened in cash segments, obviously the delivery percentages are going to be very high that means profit booking is seen. Look for a level of Rs 115 with a stoploss of Rs 118," he said. "One may short YES Bank .

If you see the relative performance of the private sector banks, YES Bank has performed the best amongst Axis Bank , ICICI Bank , HDFC Bank , Kotak Mahindra Bank and IndusInd Bank of the relative performance. I am talking in these last couple of weeks when the bank has started moving up. So, similarly whenever you have these high beta stocks moving up they also tend to correct first in this correction phase. We have seen again a huge volume, 85 lakh shares have been transacted which will result into good amount of delivery based selling and 140 lakh open interest also indicates very high positions, that has to get unwounded which will keep getting unwound at every stoploss getting triggered or may be once with every fall.

So, look for a level of Rs 366 with stoploss of Rs 373." He further said, "One may short Bank of Baroda . I have picked up one stock from private sector bank, one stock from public sector bank. Bank of Baroda is seeing massive profit booking. Look for a level of Rs 630.

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