Wipro a top pick: Siddharth Bhamre

Wipro is a top pick, says Siddharth Bhamre of Angel Broking.

Bhamre told CNBC-TV18, "IT space has done well. We have initiated some shorts in counters like TCS around Rs 1,170-1,180 zone two-three sessions back but to our surprise the stock has not corrected. But we are seeing that there are lots of long positions which are still standing over there and we might see unwinding of those."

He further added, "At the same time within same space Wipro from trading perspective is still our top pick kind of thing and we are seeing formation of fresh long positions and it is in kind of technical breakout, so there we are going long in Wipro and shorting TCS."

"Cement is one space where we feel there would be good formation of short positions, which should take place because now the correction in Ambuja and ACC has mainly happened because of unwinding of long position and we anticipate fresh shorts happening over there, so that is one space where we would form fresh short positions."

"In banking if I see State Bank of India (SBI) has lot of short positions but we won