Buy Mindtree, Indusind Bank; sell Bajaj Auto, Cipla: Sanjeev Bhasin

Last trading day of a volatile holiday shortened week could see stabilisation at these levels on the Nifty. The support of 6650 should hold today and expect pull back from next week.

Global markets are turning "bullish" after recent correction as Dow Jones is now just 1.2 per cent away from recent highs.

Stellar results from TCS, Mindtree and Indusind bank yesterday should bode well for the stocks today. The market outperformance of sector/stocks on specific themes could continue. The present trend is of Gujarat based companies to be key gainers on the back of Narendra Modi becoming Prime Minister.

For today a mix of IT, banks and high beta on the long side could make money, while shorting select pharma, auto and FMCG should do well on the down side.

Trading calls for today:

Longs:

1. Buy Mindtree: 1375, stop loss 1350, target 1500

2. Buy Indusind Bank: 487, stop loss 478, target 522

3. Buy Yes Bank: 407, stop loss 400, target 423

4. Buy Reliance Capital: 367, stop loss 358, target 400

Shorts:

1. Sell Bajaj Auto: 2005, stop loss 2035, target 1900

2. Sell CIPLA: 397, stop loss 405, target 381

3. Sell Dr Reddy:2540, stop loss 2590, target 2400

4. Sell Colgate: 1386, stop loss 1415, target 1300

Investment Call:

Buy Mindtree: 1370-1385, month target 1650

Why: Excellent results with expansion in margins and better volumes. The company has cut costs and most verticals are performing well. It will benefit from increase in global recovery.