Buy HPCL, advises Ambareesh Baliga

Ambareesh Baliga of Edelweiss Financial Services told CNBC-TV18, "Auto ancillaries are where we are seeing a decent opportunity of an upside and there are two stocks which we have been recommending for a while like Motherson Sumi Systems and Bharat Forge."

He further added, "The oil marketing companies (OMCs) are still decently valued. Looking at all that I think there is still a lot of value in the OMCs. Hindustan Petroleum Corporation (HPCL) or Bharat Petroleum Corporation (BPCL) could be bought at these levels. I had recommended a buy at closer to about Rs 180-185 for HPCL and that has moved decently well but still at these levels again I recommend a buy," he said.