Buy Kotak Mahindra Bank; short YES Bank

Siddarth Bhamre of Angel Broking told CNBC-TV18, "I would like to buy Kotak Mahindra Bank and I would like to short YES Bank along with that. So that is the pair trade which we are recommending. We are also suggesting to, though we are not very bullish on Tata Motors as such, but Tata Motors DVR is looking attractive around Rs 260 odd levels. We would suggest buying in PSU banks." " Bharti Airtel and Idea Cellular are looking good. Though in Bharti, we have not seen fresh formation of long positions, but the tower sale and other things are having good rub-off effect and the momentum would continue in Bharti. That stock could also act as one of the defensive stock in the middle of this uncertainty which is surrounding us," he said. "These are few ideas, but more or less, till the time we do not see foreign institutional investors (FII) buying significantly in index futures, we would suggest traders to remain light because stock specific activity accounts only 10-15 percent of total turnover. It is more index and I would suggest not to short this market."

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