Buy ICICI Bank, OBC; Sell Wipro: Vayalar

Manoj Murlidharan Vayalar of IIFL told CNBC-TV18, "Cement has a weightage of 1.26 percent on the Nifty which was expected to go to 2.3 percent and obviously we just have two contenders Ambuja Cements and ACC. I feel Ambuja would be a better one which should get more than 12-13 percent move from the current move which it is right now."

"Going with pharmaceutical, I guess the Nifty weightage is 6.3 percent, we expect that to come to 5.4 percent and we are expecting some selling in Sun Pharmaceutical Industries, Aurobindo Pharma and Biocon. These should be the top sells," he said. "IT has an index weightage of 14.5 percent which we expect it to go to 13.6 percent and the top sell would be HCL Technologies, Wipro and Infosys." He further said, "Going with banks, there is a big list and we have to segregate the public sector undertakings (PSUs) and the private banks. Just to pick up a couple of them, Kotak Mahindra Bank, ICICI Bank and Oriental Bank of Commerce (OBC) would be the top picks to buy." Disclosure: We have a report on this and we have discussed this with our clients as well.