Amit Gupta of ICICIdirect told CNBC-TV18, "Power Grid Corporation of India is coming up very nicely from Rs 200 levels. In fact if you look at the volume pattern in Power Grid, we had seen a very huge volume in the month of March near Rs 190 levels. Those kind of volumes were seen and then stock did not go below Rs 190 though it came down from Rs 208 to Rs 190 but it finally held those levels."
"Now, we have seen just in the last month those volumes near Rs 200 levels. So these are very significant volume patterns on the weekly basis which have come in these stocks and it did not breach Rs 200 level despite some jitters in the market. What we are observing that the tier II stocks of Nifty are performing much better because the top 10 stocks are still stuck up but the tier II like Asian Paints, or Power Grid, these kind of stocks, I think they have started performing."
"It can provide some support to the Nifty also. Yesterday it closed near Rs 210, so my sense is the base formation which happened at Rs 190 and Rs 200, now it is going to happen at Rs 210. So, the base has come up, we should start looking buying the stock and look for a target of Rs 220 plus in the coming sessions."
"Another one which we are picking is Adani Ports. If you look at the last three or four weeks, it has been consistently trading near Rs 355. Now, Rs 355 is very important because in 2015 it made a high, life high near these levels. It was a life high closing near Rs 355. However, the last couple of months, it is just hitting that level and then coming down to Rs 320 or Rs 330."
"However, when we look at the delivery buying near Rs 330, it is really encouraging. Almost 35 percent of shorts we have seen have got covered and there has been a lower rollover of short positions from the last series to the current series. So, that gives an indication that finally Rs 355 on closing basis is going to be taken out and we can see the move towards Rs 385-400 level. So, I think these two stocks which have consolidated for a long time and have given a good short covering trend, we should start looking buying and having them in our portfolio," he added.