Ajit Mishra suggests going short on Bandhan Bank, Escorts; here's why

BANDHAN BANK 

Recommendation: Sell July Futures
 

Last Close: Rs 301.60
 

Initiation range: Rs 303-305
 

Target: Rs 285
 

Stop loss: Rs 312

We’re seeing profit-taking across the board in the recent market fall and the banking pack is no different. Among the stocks, Bandhan Bank has been trading in a steady downtrend and is facing selling pressure on every rise. It has formed a short pivot after its failed attempt to sustain above the moving averages ribbon on the daily chart. We thus recommend creating fresh shorts in the given range.

ESCORTS 

Recommendation: Sell July Futures
 

Last Close: Rs 1169.30
 

Initiation