Ashwani Gujral of ashwanigujral.com told CNBC-TV18, "The midcaps, the smaller stocks, they will continue to do their thing. This is the period of time when midcaps are likely to outperform. So, Bharat Forge is a buy with a stoploss of Rs 1,160 and target of Rs 1,220."
He further added, "FMCG started coming back with ITC on Friday. So, Colgate Palmolive is a buy with a stoploss of Rs 1,070 and target of Rs 1,150. Federal Bank is pushing on the upside. This is a buy with a stoploss of Rs 117 and target of Rs 130."
"Cement also came back strongly, so India Cements is a buy with a stoploss of Rs 216 and target of Rs 228."
"Now my sense is that the pullback in the pharmaceutical index is over. So, Sun Pharmaceutical, Lupin, all of them probably have restarted declines. It may or may not hit previous lows but Sun Pharmaceutical is a sell with a stoploss of Rs 535 and target of Rs 510."
"Reliance Industries (RIL) could lead the market back and could go to it previous highs but it is not that go-go type of movement that we saw earlier in the year. However, couple of sideways days, then one good day, it has made a bottom that is for sure. However, it will be a slow mover because the market overall is fairly slow. However, I would expect Rs 1,400-1,420 to come at some point."
Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd
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