Prefer Reliance Industries, BPCL: Gopi Suvanam

Gopi Suvanam, Founder of InvestWorks told CNBC-TV18, "The reason that heavyweights are seeing so much of upmove could be because of fund flows into ETFs and funds into index. Purely because of mechanical reasons all of these investments would be going into these heavyweights and some of them are also going into some real estate stocks like DLF etc because they are part of the index. So, from that perspective I think it is a pure technical rally that we are seeing in these heavyweights. As long as Nifty is doing well because of inflows into ETFs these stocks are going to do well."

"I am not very bullish on ITC but Hindustan Unilever (HUL) is one stock where we can look at building some positions," he said. "Reliance Industries is not looking good from valuations perspective but Bharat Petroleum Corporation (BPCL) is looking quite interesting at the moment. Reliance is also one stock that one can look at building some positions with a target of around Rs 900 levels. Technology is one area that could see sustained rally if we see some positive response tomorrow. So, these are some picks that we can look at and build position on." Also Read: RIL slams DGH move to snatch gas discoveries as arbitrary