Ashwani Gujral of ashwanigujral.com told CNBC-TV18, "Idea Cellular is showing a large upmove from supports at about Rs 100, if that is news based, Rs 125-130 again comes into picture but telecom is not outperforming. Similarly, Bank of Baroda is probably not the strongest PSU bank and this rally is being led by NBFCs, housing finance, those sort of stocks. BoB may also go up, maybe Rs 179-180 on the upside."
" IT stocks are in trouble now because this was the final nail in their coffin. 10,500 CNX-IT is the 200-day moving average (DMA). In case that holds on, probably there will be some hope but below 10,500 the stocks will get into a lot of trouble," he added.
"City Union Bank is a buy with a stop loss of Rs 143, target of Rs 156. Kotak Mahindra Bank is a buy with a stop loss of Rs 835, target of Rs 860. Jet Airways is also a buy with a stop loss of Rs 454, target of Rs 480."
"Reliance Industries has the tendency of putting up its hand if the market gets into trouble. Today it is not in any sort of trouble. So Reliance is a saving grace and once we are able to get to Rs 1,550-1,600, Reliance can do the heavy lifting instead of IT because just banks, just NBFCs would have been difficult but I would agree that Reliance can do a lot of the heavy lifting."
"For oil marketing companies, the best is behind them. All kinds of deregulation drop in price, everything has happened. Chances are what comes next is higher prices and if that is the case then the stocks could become rangebound for a long time. They may not fall but they could become rangebound. There is decline in oil prices, so oil prices is not the story of the current year. So probably after having a couple of good years, these stocks could move sideways."
Disclosure: Reliance Industries owns Network 18 that publishes Moneycontrol.com.