Buy Aurobindo Pharma, Pidilite; sell Bharat Forge: Ashish Kyal

Ashish Kyal of wavesstrategy.com told CNBC-TV18, "During such kind of sideways market, it is better to have exposure to underperforming stock on the short side and long on the stocks that are outperforming. So, the first stock on the buy side is Aurobindo Pharma in today's session. We are already seeing strong performance from the pharma space like Aurobindo Pharma, Cadila Healthcare and few others. Aurobinda Pharma can move towards Rs 815 from here, so one can create long positions keeping a stop loss of Rs 750 and the target is Rs 815.""The next stock on the buy side is Pidilite Industries. We have recommended this stock about a month back as well when it was around Rs 640-650. It was giving a breakout of the range and currently, it can again go higher after a brief consolidation and the movement can happen towards the target level of Rs 770. So one can create long positions on Pidilite keeping a stop loss of Rs 705 for the target of Rs 770," he said."Bharat Forge is underperforming over the past one year. It created a top near the zone of Rs 900 and has continued to move lower. So, there is a possibility we might again see a dip towards the level of Rs 700. One can initiate short positions on Bharat Forge keeping a stop loss of Rs 770 for the target level of Rs 709.""The final call is sell on Bharti Infratel. It was consolidating for many months between the zone of Rs 360 and Rs 390-400 and about few weeks back, it gave a very sharp breakdown out of that consolidation zone and there was now retest of that Rs 360 level from where it has reversed again. So, we can now expect the stock to again move lower. So, one can create short positions on Bharti Infratel keeping a stop loss of Rs 360 and the target levels can be expected around Rs 320," he added.