Punjab National Bank looks weak, may test Rs 125; bullish on Indo Count Industries: Hemant Thukral

Hemant Thukral of Aditya Birla Money told CNBC-TV18, "We have recommended two strategies, one is basically on a PSU Bank - Punjab National Bank (PNB) which we feel has seen fresh shorts added up 14 percent yesterday. Lot of delivery based selling has been seen. PNB has given away very crucial support levels technically yesterday. So, we feel it is moving towards the next support zone of Rs 125-129, so PNB is looking weak among the PSU banks."

"The other stock that we have mentioned is basically a midcap stock. Indo Count Industries which saw a surprised 46 percent open interest yesterday. But important was the way the cash delivery volumes moved up yesterday in this stock. If you see, 61 lakh shares have been traded on the cash side yesterday which is a big jump against this 5-day average of cash volumes. We feel that this stock has further more room on the upside, so one can keep a stop loss of Rs 191 and we see it move up to Rs 205-206. So, Indo Count as a specific stock we are bullish on and PNB we feel as a trading pick can move further down from here on," he added.