Sudarshan Sukhani of s2analytics.com told CNBC-TV18, "The trades are primarily intraday, because the intermediate trend of the market is looking on the downside. It is difficult to carry short positions overnight. I have some buying ideas also. One is Bharat Forge, it has been a favourite up till now, that is a buy."
"Second is Hindustan Petroleum Corporation, apparently a short-term low is in place, don’t overstay or welcome just take the trades in the morning and try to exit by the close of the day."
"For Indocount Industries, the charts are remarkably changed. It takes a day to change the chart. That is the beauty of technical, we don’t stick with a theme and then even when it goes against it. So that is a buying opportunity. You could actually carry this position forward," he said.
"Two short sells which are easy, Max Financial Services is part of the NBFC group. All NBFCs are in trouble, the decline is continuing and the base is far away."
"Second is Bharat Financial Inclusion, it is breaking from a big rally and large distribution is visible and lower levels are coming. NBFCs are in trouble and the charts are showing that," he added.
"There is a positional short in Bata India. I am not taking it because it is a favourite for me on the long side. The sense is that much lower prices should be coming and that is disappointing because if an outperformer like Bata is showing weakness, what about the other midcaps."
"Reliance Industries is simply showing a mild correction. If the Nifty corrects Reliance will join it but for the day or for today the sense is that Reliance is a buying opportunity for intraday traders."
"Reliance Capital is a short sell, everything else is so poorly priced. You can’t actually short Power or Communications but Reliance Capital because it is part of NBFCs and also because of the other reasons, that is short sell. It is a positional short not for the day."
"I am sure Tata Global Beverage will correct. Most stocks correct and Tata Global Beverage is not a runaway stock anyway and it was a buy then not now."
"Today ACC is also a buying opportunity in this fluctuating and volatile market."
Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd
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