Pick BHEL, HDIL, IVRCL with high leverage: ICICI Direct

In a conversation to CNBC-TV18, Amit Gupta of ICICI Direct said that 4,950 is a very critical level for the Nifty. He explained, "If Nifty holds 4,950 levels, we might retrace towards 5,250 or 5,330 levels."

Gupta suggest picking stocks like Indian Hotel, IVRCL, HDIL, BHEL and PFC as they have higher leverage right now.

Talking about the metal packs, he informed that Tata Steel at the current levels is hovering around 460-470 levels and 450 is a critical range for the stock. "If it breaches 450 levels, then there is no support for Nifty and it will fall further," he advised.

Here is the edited transcript of his interview with CNBC-TV18's Udayan Mukherjee and Mitali Mukherjee. Also watch the accompanying videos.

Q: If there is a bounce back on the Nifty, how would you approach it as a trader?

A: When market traded around 5,400 levels and India