Buy ONGC, JSW Steel, Axis Bank: Rahul Shah

Rahul Shah of Motilal Oswal told CNBC-TV18, "What we have seen in the oil & gas space, I think that has been an outperformer for quite some time. In that space, ONGC looks for a breakout. I think one can go long on ONGC with a stop loss of Rs 186 and a target of Rs 200."

"Metals took a breather in the last series. I think this series again the opening is good, I think we have seen some kind of catch up in a lot of metal space. So, in that space, I like JSW Steel. The stock is near to its 52-week high and obviously the stock amongst all the metal space, I think this is the best stock to go long at the current level. So, I would go long in JSW Steel with a stop loss of Rs 192 and target of Rs 215," he said.

"Thirdly, I think in the banking space, private sector banks can do much better from here also. So, I think in that space, Axis Bank is one pick which has been consolidating for quite some time. So, with a stop loss of Rs 498 and target of Rs 540, I would go long on Axis Bank."