Buy Orchid Chemicals and Tata Motors at current levels, says Manoj Murlidharan Vayalar, Associate Vice President-Derivatives, IIFL.
Murlidharan told CNBC-TV18, " ICICI Bank would still be an avoid. Needless to say it has the biggest percentage in the Bank Nifty but still we are not really seeing the cash based buying coming in. Tata Motors, yes it's still a buy because we have seen good fund activity there. Way the accumulation is happening along with the three day average we feel that still becomes a buy. So we are looking for a bounce around 6- 8% because we are looking at Nifty somewhere close to 4750 in the short term."
He further added, "Orchid Chemicals would still be a buy but Alok Industries I am not really tracking because the thing is these are the sectors which really are not dictating the Nifty movement. We are actually seeing some selling coming in the cash based segment. So Orchid Chemicals still becomes a buy. We can actually do a call. That is what I would still recommend at this point of time."
