Short IndusInd Bank, BPCL; buy Bharat Forge: Rahul Shah

Rahul Shah of Motilal Oswal told CNBC-TV18, "First short idea is IndusInd Bank. This stock has been falling from that touching all-time high and it is closer to Rs 1,385-1,386 levels. So, I feel this stock can go to Rs 1,345 where the shorts have been created in this stock and technically also the stock has broken the major levels. So, short IndusInd with a stop loss of Rs 1,410 and target of Rs 1,345."

"Second short idea is BPCL. We have seen all oil marketing companies (OMCs) doing quite well in last couple of months and I think today it has shown some kind of nervousness. The longs have been getting unwinded and so I feel one should look at shorting BPCL with a stop loss of Rs 708 and target of Rs 660," he said.

"One buy idea is Bharat Forge. We saw some kind of sell-off last two days and then some momentum building it up again from the lower levels of Rs 1,050 or so. So, I think that seems to be a support level in the near term. So, I would go long in Bharat Forge with a stop loss of Rs 1,058 and target of Rs 1,120."