Buy Jet Airways, Tata Elxsi, Indiabulls Housing, HPCL, BPCL, Indian Oil Corp: Ashwani Gujral

Ashwani Gujral of ashwanigujral.com told CNBC-TV18, "Jet Airways is a buy with a stop loss of Rs 468 and target of Rs 480. Tata Elxsi is also a buy with a stop loss of Rs 1,490 and target of Rs 1,540. Indiabulls Housing is a buy with a stop loss of Rs 920 and target of Rs 955." 

"Grasim Industries is probably hitting fresh intermediate highs. So, you can probably have a 300 points move on your hands once we sustain this Rs 1,080-1,090 type of zone."

"On oil marketing companies (OMCs), what has happened is that everything that looked like breaking down yesterday, the patterns have failed on the downside. So, HPCL, BPCL having been through large corrections, they seem to be taking the lead and the next few days should be good for OMCs. So, Indian Oil Corporation, HPCL, BPCL all of them are buy right now," he said. 

"In case the global correction does not sustain, all of these stocks -- Tata Steel, Hindustan Zinc, MOIL, etc. on corrections are buys because overall in the long-term, metals remain in some sort of a bull market. However, several stocks which were correcting like OMCs while the market was going up, they are coming off the blocks much faster than stocks which were rallying while the market was rising. So, there is a bit of rotation going on. So, maybe you would look at Reliance Industries much more favourably as a commodity stock rather than a metal stock because Reliance is showing -- from Rs 1,260 again it is beginning to show upside."

Disclosure: Reliance Industries owns Network 18 that publishes Moneycontrol.com.