Buy IDFC above Rs 106-108, says Manoj Murlidharan

Manoj Murlidharan of IIFL told CNBC-TV18, "The distribution is going on in Bharat Heavy Electricals (BHEL) for last 7-8 odd sessions. We are seeing every rise being sold into the cash market. So needless to say BHEL is in a distribution phase and there is actual reverse arbitrage going in.

He further added, "I guess Reliance Infrastructure is one scrip where the interest is on the positive side. We are seeing good momentum and positive built up. I guess that can even contribute because this would be one sector where we would be seeing good rollover which would happen into the October series as well. One can keep a stoploss close to Rs 404 in Reliance Infrastructure and the stock may go all the way to Rs 434. "IDFC is one stock which has not really broken the range. Till the time it does not clear Rs 106-107, that is a level where it would actually see good reversal happen. One would see that cash accumulation pile up start and we might get into a good zone of may be Rs 118-120. It has to move beyond Rs 106-108 only then it becomes a buy from our end," Murlidharan said.