Dipesh Mehta upbeat on Tata Motors, HUL, ITC

Mehta told CNBC-TV18, " Tata Motors can see targets of Rs 260 and Rs 280 also in the near term but this is not the level to go long in futures or in the F&O contracts. But every dip is an opportunity to buy or go long in Tata Motors.

He further added, "I would recommend people to go short on Ambuja Cements . We have seen that we are facing a consolidation from Ambuja Cement. There will be atleast 33% retracement from its recent highs of Rs 195 Rs 196 so with a stop loss of Rs 195-196 on the higher side I would recommend people to go short in Ambuja Cement for targets of Rs 180 on the lower side. Again I would give a pair strategy for the traders that is on defensive counters like HUL and ITC that is going long on ITC and selling HUL at current levels. That is I am just not saying buy or sell - it is just I am saying ITC will outperform HUL in the near term. The current ratio which is around 1.96 for them which is achieved by dividing the rate of HUL and ITC, I think this ratio will come down to 1.86 which is its mean and one can keep a stop loss of 1.98 on the higher side."

"For me sugar has consolidated in this range but I think Balrampur Chini still will remain the outperformer in the sugar space. People can switch from Renuka to Balrampur Chini if they think of having a trading perspective in the market for the near term."

Disclosure: I personally do not have any positions but my clients or Nirmal Bang clients might have some positions in the stocks in the above mentioned stocks.