Ashwani Gujral of ashwanigujral.com told CNBC-TV18, "Yes Bank, with Friday’s move has taken out a lot of price action towards the left. Often when such moves happen, there is more downside. Maybe say above Rs 1,550, if we can move above Rs 1,550 you would say that maybe that negativity is over. However, other than that, all rallies towards Rs 1,550 should be used to sell."
"For the moment I think JK Cement seems to be breaking out, also Kesoram Industries. So, smaller cement stocks are kind of doing well. So, probably look at JK Cement moving further higher towards Rs 1,300-1,350," he said.
"Reliance Industries had a large 2-3 percent move. All of that is getting taken out, so, Reliance is breaking the low of that 2 percent move we had the other day."
"Hindustan Unilever (HUL) has not shown any follow through from that big bar that we got the other day. Axis Bank is now breaking levels of Rs 500 repeatedly. So, that takes care of pretty much the Nifty as well as the Bank Nifty."
"Midcaps continue to rally, so, that is where upside is still possible. Sun TV this breakout is sustainable and will continue. So, that is a buy with a stop loss of Rs 900 and target of Rs 935."
"We have been recommending capital goods stocks, so, CG Power, etc. they kind of fall in that category but again difficult to say these are great buys because the rally has really started at about Rs 80. It is already up 20 percent."
"Titan Company remains a sell with a stop loss at Rs 485 and target of Rs 460," he added.
Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd
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