Sell Adani Power, Reliance Def, NCC; buy Bharat Forge, GAIL: Gujral

Ashwani Gujral of ashwanigujral.com told CNBC-TV18, "Since now we have some kind of a theme going, things become very easy to go short on certain stocks. We saw what happened with ADAG yesterday. I think Adani Power is a sell with a stop loss of Rs 30 and target of Rs 24."

"Reliance Defence is also a sell with a stop loss of Rs 58 and target of Rs 52. NCC is a sell with a stop loss of Rs 86 and target of Rs 78. Pretty similar type of themes."

"On the buy side, Bharat Forge is a buy with a stop loss of Rs 1,065 and target of Rs 1,120. GAIL India is a buy with a stop loss of Rs 385 and target of Rs 410," he said.

"Lupin continues to make new lows and stocks bottom out when they stop falling for a while. That point probably has not come in and this is probably the final phase of the pharmaceutical fall because the way they are falling, that cannot continue forever. So, now a lot of people are throwing in the towel. However, I think there could be still more to go because the rally that this Lupin stock had from 2009, from Rs 100 stock, it went to Rs 2,100."

"So, even a 50 percent decline could be closer to say Rs 1,000 thereabouts. However, till it continues to make new lows, there is no value in getting into these stocks," he added.