Sell State Bank of India, Colgate Palmolive; buy Balkrishna Industries: Ashwani Gujral

Ashwani Gujral of ashwanigujral.com told CNBC-TV18, "In Fortis Healthcare, this sort of a rally should be sold into. The stop losses are about Rs 185. Bajaj Finance could correct a bit more. That is where people have made money, so, I think that is regular profit booking. At some point all NBFCs will become buys, probably not today. However, you must look at these stocks as they move below their 20-day moving averages as and when they turnaround. The same stocks will again make fresh highs; you will not get new leaders."

"State Bank of India (SBI) is a sell with a stop loss of Rs 280 and target of Rs 265. Colgate Palmolive is also a sell with a stop loss of Rs 1,090 and target of Rs 1,050. Balkrishna Industries is a buy with a stop loss of Rs 1,640 and target of Rs 1,700," he said.

"A lot of these consumer type stocks are coming off. My sense would be that possibly it has got something to do with GST, etc. So, these declines like in demonetisation should be used to accumulate. So, I would not take this as true move, maybe there is destocking, there is no purchase, etc. that is happening. So, chances are at lower levels you should buy. Titan Company's 200-day moving average is still fairly low, I think you should be buying around Rs 470-475."

"Similarly PC Jeweller's 200 DMA is around Rs 430. So, try to use these declines which are temporary in my opinion to accumulate these stocks because once the recovery happens it is likely to be equally sharp."