Buy Tata Comm & Arvind, sell Tata Steel: SP Tulsian

SP Tulsian of sptulsian.com told CNBC-TV18, "I am going long on Arvind, because if you really see I do not think that there is any kind of concerns. The momentum is very much on. Sometime we see the profit booking coming in and at that time the correction comes in by about maybe Rs 3-4 and that was seen maybe in last couple of days. I think again now the buying has started coming in. So take a long position and look for a level of Rs 146 till end of the day with stop loss of Rs 143."

"I am going long on Tata Communications. Today is the results and generally I avoid taking a trading call ahead of any events, more especially ahead of the results. The Neotel stake sale is very much on. Probably we may get to see some announcements. If that happens they can fetch USD 500 million for that. They have 68 percent stake in that, which is a different story. So look for a level of Rs 307 and stop loss of Rs 302," he added.

"One may short Tata Steel because the results have really been very bad. I do not take any cheer either from the Corus operations or from the Indian operations, because if you have EBITDA of Rs 3,100 crore from Indian operations you cannot really feel happy with EBITDA moving for European operations to about Rs 800 crore. Anyway if you really see the fresh shorts are getting built up in the counter. We are seeing the liquidations in the stock which otherwise was technically strong for all those many days, but after that I think the stock is likely to continue to see the weakness. So till end of the day look for a level of Rs 371 with stoploss of Rs 378."

"One may short Bharat Forge. Yesterday we have seen a good upside and generally the BTST traders and people those who have been sitting on long now are going for profit booking as well as liquidation. So look for a level of Rs 359 till end of the day with a stop loss of Rs 365," Tulsian said.