Buy Reliance Infra, Sell SBI Today: Sanjeev Bhasin

The BSE Sensex likely to consolidate as overbought conditions should see profit booking at higher levels. The trend continues to be bullish though intermittent corrections are likely.

Global markets have been going up in sync, which has contributed to the bullish sentiment on the Street. Foreign buying could lead to further highs, though local institutional selling may play spoil sport in the second half trading today.

For today, we are suggesting buy/sell strategy with three day outlook as higher than expected volatility may trigger stop losses daily.

Trading calls for three days:

Longs:

1. Buy Nifty: 7585, stop loss 7420, target 7850

2. Buy Reliance Infra: 785, stop loss 765, target 850

3. Buy NBCC: 312, stop loss 303, target 356

Shorts:

1. Sell Bank Nifty: 15543, stop loss 15850, target 14700

2. Sell Coal India: 392, stop loss 405, target 370

3. Sell SBI: 2739, stop loss 2787, target 2560

Book profits:

1. MRF: Recommended on 14 March @ 20300, 3 month target 24500. Target achieved (Return of 21 per cent)

2. SKF: Recommended on 20 March @ 800, 3 month target 1000. Target achieved (Return of 25 per cent)

3. Tata Global: Recommended on 31 March @ 145, 3 month target 175. Target achieved (Return of 20 per cent)