Buy Tata Steel; sell GAIL India, ONGC: Ashwani Gujral

Ashwani Gujral of ashwanigujral.com told CNBC-TV18, "Metals has broken out, so Tata Steel is doing a breakaway gap. So, this is a buy with a stop loss of Rs 500 and target of Rs 530. GAIL India is a sell with a stop loss of Rs 396 and target of Rs 378."

"ONGC is also collapsing. That is a sell with a stop loss of Rs 174 and target of Rs 162."

"Basically, all kinds of NBFCs even if they are correcting today like Can Fin Homes, Indiabulls Housing, Muthoot Finance, the ex-broking NBFCs, this is a theme for all seasons. Even when the market is sideways, goes down a bit unless there is a major midcap correction, even Bajaj Finance. So, NBFCs is an on-going theme, so, try to enter on all corrections," he added.

"PVR seems to have bottomed out. So that is probably a medium-term call for the day."

"The Adani Group stocks are wild stocks, normal retail guys should keep away from this. We have seen what happened with the ADAG, Adani is somewhat similar kind of group. Stay with clean, good corporate governance type companies and you will be safe. There were no reasons for a 70-80 percent rally. Again possibly there are no reasons even in Adani Transmission. These are stocks which are more controlled by F&O considerations than great amount of fundamental or technical. Basically if you still want to buy it, I think anywhere between Rs 105-110, if we get to those levels, you can try to buy it with Rs 100 stop. However, overall, it is avoidable," he said..