Check out: Hot futures strategy for ITC, Idea,TTML

While on his second strategy Murlidhar suggest to go long on TTML September futures at close to Rs 18.90-19.05 keeping a stop loss of Rs 18.20 expecting a target of Rs 22.

Meanwhile, A Kalyan C Reddy, derivative and technical analyst at Karvy Stock Broking reveals his strategy to buy Idea in the short term. He said the stock has already given a breakout, if it continues to sustain these breakout levels of Rs 97-98, the stock will gain further momentum going forward. "We will be buying Idea with a stop loss of close Rs 95 on the downside on a closing basis for targets of Rs 108-110," he added.

Reddy sees some significant negativity happening especially in the midcap banking segment. So, he picks Allahabad Bank from that space which has remained in the negative bias. He said, despite marginal recoveries the stock has failed to sustain beyond  Rs 185-180 levels.

"We will be initiating a short call on Allahabad Bank in the range of Rs 175-177 with stop loss of Rs 182. On the downside we will be intitally targeting Rs 170 mark, below which the stock will test Rs 164 in a very short term scenario." he added.