According to Rahul Shah, Associate VP, Equity Advisory Group at Motilal Oswal, one can buy ICICI Bank and UltraTech Cement and sell Tata Steel.
Rahul Shah, Associate VP, Equity Advisory Group at Motilal Oswal told CNBC-TV18, "Banking is the star in last two series. So continued participation in bankex, so I feel private sector bank is leading in that. ICICI Bank post results have shown a very positive sign on charts. So this stock can still go to Rs 320 levels or so. I would buy ICICI Bank with a target of Rs 320 and stop loss of Rs 297."
"We have seen UltraTech Cement, ACC and Ambuja Cements all doing quite well. So I feel cement can still do well. I like UltraTech, so I would go long on UltraTech with a stop loss of Rs 4,380 and target of Rs 4,500," he said."Third is a short sell on steel sector. That space looks weak. This series also opened positively but could not able to hold. So I think we will go short. Go short on Tata Steel with a target of Rs 410 and stop loss of Rs 442."