Buy IOC, Titan Company, Tech Mahindra; short BHEL: Yogesh Mehta

Yogesh Mehta of Motilal Oswal Securities told CNBC-TV18, "On the buy side we have recommendation on IOC where yesterday post result it is still showing great strength. We recommend a buy at Rs 387 on the future front. Keeping a stop loss of Rs 376 it is a strong support of 10-day moving average and from there we are looking at Rs 407-408 as a price target."

"For Titan Company, Rs 565 is the closing on the future segment, today pre-open shows the same price. From here we can keep a stop loss of Rs 550 for a price target of Rs 585-590. The level of Rs 549 seems to be a good support level and then the level of Rs 540," he added.

"The third one would be Tech Mahindra which is extremely positive, even in this downfall of the market. Since last two days, it managed the strength to hold on to the levels. The level of Rs 407 was the future segment closing yesterday. We can look at a price target of Rs 425-427 on the upper side and keeping a stop loss of Rs 397, on the future segment."

"FMCG per se does not look to be on the short side. ITC is out of flavor right now and Hindustan Unilever, Colgate Palmolive, Britannia Industries - all are in the positive territory. PSU banks are something where we can still look at going short and in BHEL also one can look at going short. For BHEL, Rs 138-139 is the price, keeping Rs 145 as the stop loss, Rs 130 could be the price target. So, that seems to be a short candidate here."