Mitessh Thakkar of mitesshthakkar.com told CNBC-TV18, "I have two sell calls. Ambuja Cements I think gave a good pullback to its pivot levels of around Rs 260 and now is breaking down. So sell with a stop loss at Rs 260 and look for targets close to about Rs 240."
"Hindustan Construction Company (HCC) is another stock which is showing signs of a negative crossover on the indicator side and is a sell as well. Keep a stop loss just above levels of Rs 35.5 and look for declines to about Rs 32 which can happen in the next few days."
"Couple of auto names still provide hope to me. I think Ashok Leyland and Hero MotoCorp is something which possibly I would avoid shorting. However, that apart, I think on stock specific basis, anything which is giving fresh sell signals, particularly from the infrastructure side, finance side, and cement side, I think are looking weak and any sell signal should be traded on the downside."
"On the metal side I have a slightly bearish view on the non-ferrous ones. In fact, I am bearish on stocks as well. However, it looks like the non-ferrous pack might slightly underperform. Vedanta is something which I think should get back to levels of Rs 310. It has tested that level already in this week’s volatility, but I think once it breaks Rs 310, Rs 285-287 could happen on the downside. So, the patterns are still on the negative side for the short term," he said.
"Despite the fact that I have a slightly negative view on the market, I think Prakash Industries particularly the individual chart looks pretty good to me. The long term chart is very good. In the short term, it might see some consolidation having rallied from Rs 120 to about Rs 250-260 levels odd. I think it is a hold clearly if somebody has a six to eight month kind of view. On the upside, in the next two to three quarters, I do expect a price target of Rs 250 plus."
"Punjab National Bank (PNB) is showing clearly no signs of longer term uptrend. So I think the idea that it might do a range of Rs 130 to about Rs 180, anything closer to about Rs 175-180 should be good exit opportunity. My sense is that closer to Rs 170, the investors should take an exit. I do not think much upside in the next few months," he added.
"We are trading more on the short side barring couple of auto names like Ashok Leyland and Hero MotoCorp. I think the idea is to explore shorting opportunities and have long positions in these auto names."
"I have one midcap stock on the selling side, it is more of a delivery call if somebody has that. Cineline India is clearly breaking key support levels of Rs 85-86. So that is a sell with a stop loss at Rs 88.50 for target of Rs 785."
"Before the policy, I am tempted to take a short trade on State Bank of India (SBI). However, what I have done is, I have taken a very tight stop loss, so, keep a stop at about levels of Rs 298 and look for target close to about Rs 275."
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