Buy Wipro, Vedanta, Ujjivan Financial Services: Rishi Kohli

Rishi Kohli, MD & CEO at ProAlpha Capital told CNBC-TV18, "While I am saying short on the Nifty, there are some stocks which are looking pretty interesting for going long and one way to play that for the near term is by probably hedging it with the Nifty or something. However, some of these are interesting ideas for example the first one is Wipro. It is probably the only largecap IT stock which is showing some positive signals. The monthly MSCD also turned positive a few months back and it saw good follow through action. In the near term, it has come above immediate resistances and is looking very good for a buy. So, I would buy there for a target of Rs 330 in the immediate short term with a stop loss of Rs 280."

"Then there is Vedanta which obviously has been seeing good momentum over the last few months and in the short term, but again while doing so it has come above further short term resistances. When it dipped a few months back, it bounced from perfect retracement levels, then you had the monthly MSCD converging first and then diverging which is usually a very bullish signal. So there again I would go long with a target of about Rs 335 and a stop loss of Rs 292," he said.

"Lastly, Ujjivan Financial Services which did rally sharply yesterday but even then overall it is looking good for the short term because it has had good bottoming action around Rs 300. Again come above immediate short term resistance trend lines, retracement level resistances and therefore looks like it has a lot of steam left in the short term. So there I would buy again with a target of Rs 400 and stop loss of about Rs 355."