Enter Reliance Industries at around Rs 1230, says Ashwani Gujral

Ashwani Gujral of ashwanigujral.com told CNBC-TV18, "Reliance Industries is 200 points higher than where it was, I think couple of months back and nothing grows to the sky and now fresh buying at this level probably isn’t justified. You need to wait for some sort of cool offs or sideways moves and they will come may be back towards Rs 1,230-1,250 and that would be a good time to get into Reliance." "Motherson Sumi and Sundram Fasteners, these auto ancillary plays are looking good. Motherson finally is holding on to Rs 350, so it is on towards the Rs 400-420 zone. Basically, coming out of a long two to three year type consolidation. So, this time if we get past Rs 350, we will go further," he said."Cement seems to be doing well today, so UltraTech Cement is a buy with a stop loss at Rs 3,800 and target of Rs 3,920. Bharti Infratel is a sell with a stop loss of Rs 311 for target of Rs 295. TCS is also a sell with a stop loss of Rs 2,525 for target of Rs 2,460." Disclosure: Reliance Industries owns Network 18 that publishes Moneycontrol.com.