Bombay Burmah looks attractive: Jai Bala

Jai Bala of 1857 Advisors told CNBC-TV18, "I am basically focusing on the non-index stocks. Bombay Burmah Trading Company looks quite attractive. Longer term structure is reasonably positioned for further rallies from here. If you look at the stock it has undergone a sizeable correction from February and I think the longer term trend is in tact."

"If you look at something like Aban Offshore from a medium term perspective it is likely to complete the correction closer to Rs 390. I think it is likely to rally a minimum of 25 percent from the current level. If you look at something like LG Balakrishnan Brothers even that is looking a very good stock at this point in time but we want to see a reversal come through the market before embarking on pulling the trigger in these stocks," he said.

"We want the two day high to be taken out in each of these stocks before we can be convinced that the correction is complete."