Buy ONGC, Tata Steel; short SRF: Yogesh Mehta

Yogesh Mehta of Motilal Oswal told CNBC-TV18, "We have a mixed bag today. We are recommending long position for ONGC. Currently it is quoting at Rs 161. It was on falling trend and it has made a low of Rs 155-156 where it is finding support. A bounce back on the buying spree can take it to Rs 169-170 level. So, one can keep a stop loss of Rs 156 for the target of Rs 170."

"Another one is Tata Steel which is very resilient to go down. Yesterday also there was a sharp selloff in the Nifty but Tata Steel was resilient enough and taken a support at Rs 504-505. So, we are recommending going long; today also stock is up by 1.5 percent. Currently, it is Rs 518-519 level, one can go long with this position and keeping a stop loss of Rs 505, one can look at a price target of Rs 540,"  he said.

"On the contra side, we are recommending SRF to go short in. It is continuously going down since last three session from Rs 1,600 levels to Rs 1,545 right now. So, on rise we would recommend to go short between Rs 1,545 and Rs 1,560 and keeping a stop loss of Rs 1,585 one can look at a price target of Rs 1,440 to Rs 1,450 levels."