Above Rs 195, Chennai Petro may test Rs 265-280: Jai Bala

Jai Bala of 1857 Advisors told CNBC-TV18, "I do not have any short ideas because it is a bit late to go short and most of them are long ideas. If you look at something like Chennai Petroleum Corporation, it is looking pretty interesting. We want the stock to do a little bit of reversal from the current levels. If it does that, it is looking very interesting short to medium term, and we want to see the stock close above Rs 195. Once it does that, we can be pretty confident that it is heading back to the record highs that it made in August. So we are looking at something like Rs 265-280. So we want to first see a close above Rs 195 for the confirmation that the bottom is in."He further added, "If you look at something like Bajaj Corp, the hair oil company, that we spoke a couple of times in the last month, we wanted a close above Rs 430, that has happened. I think that is looking pretty impressive. We can see a 25 percent rally at least from current levels.""I think we could see a brisk price action come through in the next couple of weeks. So these are the two stocks that are looking interesting at the moment. There are some of the auto ancillary stocks in the battery and the tyre space that are also starting to look like they are trying to put in a bottom," he said.