Enter tyre, small private banks: Ashwani Gujral

Ashwani Gujral of ashwanigujral.com told CNBC-TV18, "The two spaces that I would like to get into are tyres and small private banks. You can get long on TVS Motor in case it is opening 4 percent higher but broadly sideways. I don’t think yesterday it showed a whole lot of momentum. But still in a strong uptrend. Maybe Rs 575-580 is possible here."

"Cadila Healthcare's rally started from Rs 420 and this is one of the stocks which is not in a downtrend in the pharmaceutical space. So, maybe we could see even Rs 580-600. However, I generally tend to avoid stocks which are the lone-rangers in their own sector, you would much rather go with a sector that is looking positive overall," he said.

"Tyres have started a fresh move. Maybe not a buy right now because in basically two days you are up 8-10 percent, but overall, these are the few areas of the market where you need to be long. You can hold tyre stocks on long positions. I think Ceat is moving towards Rs 2,000, Apollo Tyres Rs 280, etc. those levels will come. However, overall, for the day maybe the highs may be seen and you may see profit booking even here."

"Maruti Suzuki is a sell with a stop loss of Rs 7,200 and target of Rs 7,000. Tata Communications is also a sell with a stop loss of Rs 730 and target of Rs 700. IGL is a buy with a stop loss of Rs 1,060 and target of Rs 1,120," he added.