Buy BHEL, Amara Raja Batteries: Pritesh Mehta

Pritesh Mehta of IIFL told CNBC-TV18, "My first pick for the day is Bharat Heavy Electricals Limited (BHEL). After breaking out from a downward-sloping panel in October 2 the stock in fact had a strong rally from Rs 220 levels to Rs 260. Thereafter it went into a corrective phase. It declined 32.2 percent from previous rally and found support at 100 day moving average and then began a process of consolidation. In today’s trade it has given a breakout from this consolidation range. So buy it for a target of Rs 275."

"My second recommendation is buy on Amara Raja Batteries. It is a classic case of bound declines, in fact since February 2014, the stock is trading higher with the support as a rising trend line, wherein every decline is met with buying interest. So I am not surprised that the recent fall at Rs 794 found support at the same trend line, in fact it detraced 38.2 percent and again in today’s trade it has given a pullback. So buy Amara Raja Batteries for target of Rs 780," he said.