Sell day: Go short on Ambuja Cements, ONGC and BOI

Ambuja Cements (Sell below Rs 134.80, target of Rs 130)

After a strong showing on the monthly sales numbers, Ambuja Cements got a boost after it announced a tie-up with the railways for supplying railway sidings. The stock however, looks weak as it closed near the low of the day despite positive news flows.

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ONGC (Sell below Rs 260, target of Rs 250)

News of the ONGC follow-on public offer (FPO) resulted in the stock falling by nearly 5 percent, however, latest reports show that ONGC’s sales will be affected by 3 percent as its production is expected to fall due to lower recovery from wells. This can have a further impact on its stock price.

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Bank of India (Sell below Rs 309, target of Rs 300)

Despite a smart recovery in almost all banking stocks, Bank of India failed to bounce back. The stock closed near the low of the day on Friday. A fall below Friday’s low can take the stock down further.

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