Buy JSW Steel, may rise 4-5%: Atul Badkar

Atul Badkar, VP - Institutional Equities - Derivatives Desk of Edelweiss Securities told CNBC-TV18, "I do not think there is any need to go long immediately, one needs to wait and watch for few more trading days. If the market was to continue to stay higher and go above 5,700-5,720 mark, one can look at taking a few shorts."

"Between the shorts, HCL Technologies is one name that comes to my mind, around Rs 1,025-1,030, the stock has outperformed and as the market moves higher the IT stocks will relatively underperform, which is why amongst the entire IT pack one can take a short on HCL Tech and for longs stocks like State Bank of India (SBI) and JSW Steel. JSW Steel is more from technical and the open interest build-up. The stock from Rs 565 can give another 4-5 percent, so another 6 percent is where the stock can move," he added.