Buy RIL on dips, see tailwind in tyre stocks: Ashwani Gujral

Ashwani Gujral of ashwanigujral.com told CNBC-TV18, "Reliance Industries is looking like it has bottomed, but it needs momentum above say Rs 1,340 before you can say that it is beginning an up move. However, overall, I think downside is now limited on RIL and on dips it should be bought."

"Ceat has been going up for last two to three sessions. I don’t know if you can buy today, but the uptrend is consistent. So, any sort of dips should be used to buy. I would not be surprised if at some point Ceat goes to Rs 2,000. Tyres are going up as a group. So, Apollo Tyres, MRF, everything is going up. So, right now, just buy on dips and this sector has a huge amount of tailwind behind it," he added.

"Future Lifestyle Fashion looks like it still has more upside. This is a buy with a stop losss of Rs 343 and target of Rs 360. UltraTech Cement is a sell with a stop loss of Rs 4,120 and target of Rs 4,000."

"Tech Mahindra is also a sell with a stop loss of Rs 395 and target of Rs 378."

Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd