Here are Ashish Chaturmohta's few trading ideas

We are recommending long position at current level with a stop loss below Rs 170 and on upside we are expecting target of Rs 192 in next couple of trading sessions.

Oriental Bank of Commerce

There is lot of short build-up into the market and despite market seeing good recovery we are not witnessing any kind of short covering in public sector undertaking (PSU) banks.

For Oriental Bank of Commerce, any break below Rs 205-206 on downside and look for Rs 197. Therefore, at current level, we are recommending short call on OBC with a stop loss above Rs 211 for downside target of Rs 197.

Hindustan Petroleum Corporation

Hindustan Petroleum Corporation (HPCL) is near it's all time high and in the last three-four weeks we have seen consolidation. Even on lower side around Rs 630-640, we have witnessed a build-up of almost 8-10 percent on the long side. So there is going to be a strong short covering from current level.

At current level, one can initiate long position keeping a stop loss below Rs 652 and on upside expecting a target of Rs 710.

Larsen & Toubro

In the overall capital goods space we are witnessing strong build-up of positions. Siemens is already doing good, trading at it's all-time high. In Larsen & Toubro (L&T) above Rs 1,720 we have witnessed strong build-up of positions. The stock has been consolidating for the last three-four trading sessions but now it has crossed crucial resistance zone of Rs 1,780.

One can initiate long position at current level with a small stop loss below Rs 1,760 and on upside expecting a target of Rs 1,860-1,870 which is the stock's all-time high as well.