Prefer ITC, Reliance Industries: Manoj Murlidharan Vayalar

Manoj Murlidharan Vayalar of IIFL told CNBC-TV18, "In oil and gas the only counter where we feel which might come into some sort of buying would be Indian Oil Corporation (IOC), because that is one scrip where we have seen the cash accumulation which is in tandem to what the Volume-Weighted Average Price (VWAP) we are expecting. It is a stock specific thing which is going on. This is only till the expiry which I am talking about. This is not really about the trend, because the selling which is happening has lot of funds, lot of investors and everyone is selling into the market."

"Only this 40-50 percent of the chunk which has entered into the reverse arbitrage is what we are trying to play. There are couple of good stocks like an ITC and Reliance Industries which would also come into this. So I would rather stick to those scrips at least for the next two days and try to get some money into that," he said.