Buy Escorts, Chennai Petro, M&M Financial; sell ONGC: Gujral

Ashwani Gujral of ashwanigujral.com told CNBC-TV18, "Reliance Industries has broken down and possibly now we will head to the lower end of the range, which is closer to about Rs 990-1,000 because yesterday’s move was fairly strong and the imminent break out does not seem likely now. Possibly, we could again consolidate around Rs 1,000.""Similarly, IT stocks are not showing great amount of enthusiasm on the upside. So the only leg that again seems to be functioning is banking and then you have metals etc. So IT will finally go down because if the NASDAQ or the developed market starts moving lower, IT will remain under pressure," he said."Stocks, which have shown momentum should possibly be bought, so Escorts is a buy with a stop loss of Rs 360, target of Rs 378. Chennai Petroleum showed strong momentum earlier with few sideways sessions. This is a buy with a stop loss of Rs 327, target of Rs 345. M&M Financial Services is now pushing forward, so this is a buy with a stop loss of Rs 293, target of Rs 310.""LIC Housing Finance had a bad reaction to good results. So that is a sell with a stop loss of Rs 538, target of Rs 516. ONGC is a sell with a stop loss of Rs 199, target of Rs 184," he added. Disclosure: Reliance Industries owns Network 18 that publishes Moneycontrol.com.