Buy Asian Paints, Tech Mahindra, Arvind: Gaurav Bissa

Gaurav Bissa of LKP Securities told CNBC-TV18, "Though the Nifty might see some amount of pressure, stock specific action cannot be ruled out. Some of the stocks have seen significant fall and now they are on the verge of a bounce back. So I have taken three buy recommendations. Asian Paints fell to around Rs 780 and has bounced back from 200-daily moving average (DMA), sustained those levels quite well and momentum indicators are oscillating on the upper side. So I expect a further upside in the stock. The stock can be bought for targets of Rs 845 with a stop loss of Rs 790."

"Post its corporate announcement, Tech Mahindra has been dwindling down and falling day by day. It has again seen a bounce back from 200-DMA just around Rs 620, it sustained those levels quite well, the volumes have seen some improvement and the RSI was already negative. So a bounce back cannot be ruled out. I feel that it is a good level to accumulate the stock, the short-term targets can be seen around Rs 660 and the stop loss can be placed at Rs 615 and if these levels are held, the targets of Rs 700-720 also cannot be ruled out in few months," he said.

"Arvind has been taking support around Rs 255-260, the momentum indicators are showing an uptick, the volumes have been decent so far. So I expect the stock to test levels of Rs 280 in coming days. The stock can be bought with a stop loss of Rs 255 and targets of Rs 280 and above."

Disclosure: Analyst has no personal holdings in the stocks but it is possible that he may have recommended them to his clients at LKP Securities.