Buy Bharat Petroleum Corporation, GAIL India, Adani Ports: Amit Gupta

Amit Gupta of ICICIdirect told CNBC-TV18, "From the oil & gas space, we are picking BPCL and GAIL India. From October 2016 onwards, the typical feature of the stock is it declines by 10 percent or 15 percent and then it takes out the previous highs and moves up by another 10 percent. So, the recent fall was almost 20 percent which was in-line in the case of just two or three months before the fall came of around 15-20 percent."

"So, I think that fall is over, and it is going to take out the recent high of Rs 545 and should make another high of 7-10 percent on the higher side. So, we are targeting Rs 595 in the stock. If you see the short positions cut, already we have seen lower rollover of around 20 percent in it in comparison to the previous series, so, that is a good kick for the upside."

"Another one is GAIL. If you see the open interest positions in the stock, it has remained quite low, but recently almost 40 percent of addition has been seen when it has taken out the recent high of around Rs 430. I think that remains the immediate support, and on the higher side it should also move towards Rs 495."

"So there is definitely some buzz in the oil & gas space, and they have already consolidated for a pretty long period. So it is a good buy."

"Another one is Adani Ports from the infrastructure space, because once this move in PSU banking has started, simultaneously what we have noticed is that the infrastructure space has started performing a little bit. So, Adani Ports, has already seen a very significant closer of shorts, of almost 45 percent when I compare in the last two or three series. The stock has already consolidated near Rs 390-400 now, and I think the move towards Rs 445-455 is there in the offing," he added