Buy IndusInd Bank, L&T, Jain Irrigation Systems: Ashwani Gujral

Ashwani Gujral of ashwanigujral.com told CNBC-TV18, "IndusInd Bank is a buy with a stop loss of Rs 1400, target of Rs 1520. On Larsen & Toubro, something interesting has happened, it had a large 4 percent down bar yesterday. The entire 4 percent down bar has been cleaned out today by a green bar. So, that is often a very bullish situation. So chances are that this should move higher and results, are likely to be good. This is a buy with a stop loss of Rs 1,730, target of Rs 1,800."

"Jain Irrigation Systems has bottomed out and it could possibly get back to Rs 115-120. For the moment it is a buy with a stop loss of Rs 90, target of Rs 102."

"Yes Bank has bottomed out. These things lead to collapses in stocks and strong hands come back to buy and that is what is visible in all of these private sector banks. Why buys private sector banks? The simple answer is the foreign institutional investors (FII). Something has changed because of yesterday's Fed statement and maybe some amount of reallocation is there. So, all the large big heavyweights are moving. So, that should lead the market higher."

"Somebody who has fallen 11 floors, you cannot expect that person to just get up and start running again. They are going to take some healing. A lot of stocks have been hammered out of shape. The pharmaceutical index has been down 10 percent in the last four days. So, some sort of serious bottom is getting created in a lot of stocks. But bottoms take a bit of time, so in the next leg, chances are midcaps could underperform while the large caps do their own thing. That is what most of the midcap indices are showing that they are not able to perform as well as the Nifty or the Bank Nifty," he added.

"Strangely tyre stocks are not leading this leg of the move. So, possibly, some more correction could happen here but overall these stocks remain in a bull market and Rs 1,550 should be held on to in Ceat. So, on declines, it should be bought. This stock tends to be in ban most of the time and hence, that creates a problem. If there is a lot of discount or a lot of premium, it is best avoided."