Sudarshan Sukhani of s2analytics.com told CNBC-TV18, "The trades are mainly in the midcap segment because we should be long in the Nifty anyway. United Spirits is a buying opportunity. I am not sure how it is related to Diwali, but it has made a very attractive micro bullish pattern and I think there is a trade here which is not only a day trade, but you could actually carry it forward."
"Apollo Tyres has a similar bullish pattern, sharp deep correction, consolidation, a base building exercise and an imminent breakout. Both trades should be carried forward if they close strong for the day. There is probably more up steam here on the charts."
"Then we have Century Textiles and Industries where a large consolidation is taking place at higher levels. There is a breakout here and you can trade it intraday, carry it for a day, but the other two are worth carrying for weeks, not just days," he said.
"Two short sells, one is Canara Bank which is breaking down and all PSU banks are doing that. Cummins India is going nowhere, lower highs, lower lows. I think in a choppy market there will be opportunities to go short. That is why we have these shorts here."
"Metals are going in a strong momentum upsurge and that should continue. Tata Sponge itself could be looking at Rs 1,100-1,150 plus. So most of these stocks are buying opportunities on consolidations, dips, breakouts, wherever you can buy them," he added.
"Bharti Airtel is at Rs 450 approximately which is a very strong resistance level. Once it crosses that, it becomes like Hindustan Unilever (HUL) and Reliance Industries, two of our perfect example stocks, but that may take time. So I am not in any hurry to go and build a long position there. It should stay above Rs 450 for weeks and then it becomes a perfect buy."
"In metals, Hindustan Zinc and surprisingly Tata Steel are for buying."
Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd
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