Chandan Taparia of Anand Rathi Securities recommends buying Biocon, IDFC, Dewan Housing Finance and ONGC.
"Second trade is buy on IDFC, the medium-term trend is in pressure but short-term trend has bottomed out. It made bottom near to Rs 50 and the supports are shifting to Rs 53 and Rs 54 levels. So, looking for an upmove towards Rs 62. One can buy with a stop loss of Rs 54.50," he said.
"In the option segment, we have positive view on the selective housing finance companies. Dewan Housing Finance has formed a positive price pattern and managed to hold the multiple support of Rs 240-242 zone. Because of that short covering spike cannot ruled out towards Rs 260 kind of zones. So, recommending to trade with 250 Call and this Call can move towards Rs 13 and one can place the stop loss of Rs 5.50 for this trade."
"In oil marketing companies or in oil companies we have positive view on ONGC. We have seen unwinding in 200 Put and fresh writing is seen in that strike. Because of that this momentum may extend which may take it Rs 210. So, recommending to trade ONGC 200 Call with a stop loss of Rs 3 and expecting it to move towards Rs 11."
"On the negative side, Infosys might see some profit booking decline towards Rs 950-945. So, one can buy 960 Put on a small bounce back move and this Put has potential to head towards Rs 34."