Manoj Murlidharan of Religare Securities recommends buying JSW Energy, IFCI and ONGC.
Manoj Murlidharan of Religare Securities told CNBC-TV18, "We are seeing good traction happening in the indices precisely the Nifty, Bank Nifty is shying away for couple of days. I guess JSW Energy would top the list because once it crossed the levels of Rs 86 the traction has been good. We are seeing long built up not only in the derivative market, we have seen good cash based buying. There was some short covering which happened yesterday and we are expecting the stock to rally all the way to Rs 106. So the top call would be to buy JSW January futures at Rs 90-92.50 with a stop loss of Rs 85 and we are expecting a target of Rs 106."
"The second call would be IFCI where good buying happened after it crossed Rs 28.90 level which happens to be a good accumulation zone or the volume weighted average price (VWAP) concept that we use. So, buying IFCI at Rs 30 with a stop loss of Rs 27.8 for a target of Rs 34 is what we recommend as the second stock call," he said."We like ONGC as well. You can either buy Rs 202.50 Call option or you buy the futures at Rs 198 with stop loss at Rs 189 for target of Rs 211," he said.