Check out: Trading ideas by 3 market experts

In an interview to CNBC-TV18, Sudarshan Sukhani of s2analytics.com, SP Tulsian of sptulsian.com and Hemant Thukral of Aditya Birla Money give top pick for the day.

Sudarshan Sukhani of s2analytics.com
Down trending markets are expected to go down and that is exactly what the markets did yesterday. Most midcaps already were giving us sell signals and that is continuing. It is very difficult to identify a buying opportunity today that may well come in the morning but as of now the easiest trades are probably on the short side. So what we are looking at is to sell Reliance Power. It has gone through a correction; it is in a clear and visible downtrend. It made a small trading range and has now promptly broken down that is what happens. When a stock is moving down the trading ranges will inevitably break on the downside. So there is more space here for seeing a correction that is ongoing. Look to sell Reliance Power in the Futures and expect some gains.
A short sell that I would suggest for today is Arvind. It saw a very dramatic rally and then that rally started getting dissipated, fizzled out and slowly the downtrend has been established. A small brief rally met with significant resistance in the Rs 83-85 area and that resistance has been holding. The stock is now coming down, resistance holds, lower highs lower lows are being made and the sense is that yesterday it saw a minor range breakdown that should see lower levels today. So Arvind is another shorting idea that I would suggest for today. SP Tulsian of sptulsian.com
I am recommending Multi Commodity Exchange of India (MCX) for buying today, which is now ruling closer to about Rs 900 because the stock seems to have corrected in this last one-one-and-a-half month on the Commodities Transaction Tax (CTT) having imposed on the commodities on the non-agricultural products and the share has corrected from Rs 1,300 to Rs 900. However, now this seems to be a good entry point for the stock because the company is the leader in the commodity exchange having 85 percent market share with expected earnings per share (EPS) of close to Rs 60 for FY13 and because share having corrected to these levels, the renewed buying by the valued investors seems to be coming back, which can swiftly make the stock to move to about Rs 975 in this month or so. Hemant Thukral of Aditya Birla Money
Yesterday we saw that banking stocks reacted negatively to Reserve Bank of India’s policy specially the midcap public sector undertaking banks have seen very aggressive shorts being built-up and Canara Bank being one of them. Canara Bank has seen fresh 12 percent open interest being added up with the premium coming down implying that short positions have been added here. Technically this stock has broken below Rs 415-416, which was acting as a strong support and also the 200 day moving average. It is heading towards the next strong support zone that is Rs 385-386. So, we recommend going short on Canara Bank for a target of Rs 385, keeping a stop loss of Rs 416 on it.
In a market where all stocks were battered down, Ashok Leyland had some supportive buying coming in the cash market along with short covering. Technically also the stock has formed a very strong base now at Rs 22.50 where it has managed to bounce back in multiple support levels. In immediate short-term this stock seems to be heading towards Rs 22.50-22.55 zone, which is also the 50 day and 200 days moving average coinciding point. Therefore, we recommend that one should go long in Ashok Leyland keeping a stop loss of Rs 22.50 and a target of Rs 24.55.