Ashwani Gujral of ashwanigujral.com told CNBC-TV18, "The Nifty is expected to be more range bound because there is a part of the Nifty which is doing well. Even Reliance Industries is kind of range bound, Rs 750-850 generally and has trouble getting past the Rs 850-870 type of zone. As long as the Bank Nifty remains a little weak, Reliance could consolidate in this Rs 830-850 type of zone."
"Then there are gas stocks, etc. a part of the bull market will continue to be bullish. So, broker dealers and all these other stocks which are having their own independent rallies, they are likely to continue. However, overall the large public sector banks are making new lows. They have got to levels which were there at 9,700. So that is where the big pressure is likely to come in. Probably the market wants to sell-off before the PSU results come in, in anticipation of something."
"Very safe sells and you will probably get a few gaps in the PSU banks, the smaller ones, Oriental Bank of Commerce (OBC) which is a sell with a stop loss of Rs 118 for target of Rs 106. Bank of India (BOI) is also a sell with a stop loss of Rs 138 and target of Rs 126. Union Bank of India is a sell with a stop loss of Rs 129 and target of Rs 120," he said.
"Couple of buys - Aarti Industries seems to be moving higher from a consolidation. That is a buy with a stop loss of Rs 910 and target of Rs 945. Century Plyboards is a buy with a stop loss of Rs 260 and target of Rs 274," he added.
"United Spirits is starting a fresh up trend. So, that is a buy with a stop loss of Rs 2,400 and target of Rs 2,520. Britannia Industries is a buy with a stop loss of Rs 4,430 and target of Rs 4,600."
"Canara Bank is a sell with a stop loss of Rs 305 and target of Rs 290."
"Reliance Industries is in a strong uptrend. Now if the market turns sideways, large stocks generally don’t tend to take a direction. So, that way I think probably the better long positions are looking at the metal stocks --Hindalco Industries and Britannia are breaking out. So, I would look at smaller stocks to go long on."Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd