Buy cement stocks, advises Manoj Murlidharan Vayalar

Manoj Murlidharan Vayalar of IIFL told CNBC-TV18, "We have seen HCL Technologies bounce off lately, but in the entire move we have not really seen that cash pile up coming. So I would not really be entering, because we are judging on an analysis that IT which has a weightage of close to 14.6 can come down to 13.4 as of November expiry and along with that we are expecting pharma also to come down."

"We are expecting cement and private banks to inch up. Banks are somewhere close to 19.2 as of yesterday; we are expecting that to be around 22.1 to 22.2. This rational is based on the buying which has happened in the cash market and the reverse arbitrage which started from August 16. So IT is one pack which I would not really be entering at this point of time. Rather cement, Bajaj Auto and a couple of banking strips is where I will still go ahead and buy," he said. Disclosure: No personal holdings in the stocks discussed, but may have recommended to clients.