Go long in Just Dial; short Vedanta: CK Narayan

CK Narayan, MD of Growth Avenues told CNBC-TV18, "The market is extremely stock specific right now and the situation will be slightly muddy if I may say so becuase of the rollovers which will happen. So it will be a difficult read whether the up or down movements that you are witnessing are directional in nature and they are being caused by transient rollover action. So given that I would suggest that one should be a little hesitant to trade aggressively today especially considering that the market has not moved up from the start and have a mix of both longs and shorts just to be on the safe side.""In terms of best play, fairly decent rally seems to have set off in Just Dial. That has began from somewhere on Friday and seems to be carrying on. So if you have Just Dial pulling back a little, it is currently at about Rs 880 for the November series. So if you have a pullback to somewhere around Rs 875 thereabouts, I would venture a long position in Just Dial just as a kind of a short covering rally not that this is in a bull phase, it is very clearly down," he added."Second stock which could be tried on the long side would be Adani Ports, which is showing fairly decent upside breakout from a sideways movement and doing so, with some volumes and momentum. So that could be a decent play for the day. I think the stoploss would be somewhere around Rs 273 levels. Current levels is about Rs 277 on November series. I think these are the two stocks that I would play for the long side for the day.""For the short side I would continue to look at metal names which have been clobbered even now even though they are down and out -- it appears -- but stocks like Vedanta which had rallied briefly but those rallies are fizzling out and I would go short Vedanta at Rs 91, I would short Jindal Steel & Power at about Rs 86-87. The rise in Jindal Steel with that use etc saw closer of long positions because you had a shrinkage in the open interest (OI) if you notice.""In pharmaceutical, Sun Pharma continues to meet with consistent selling which does not seem to be trader oriented but very definitely smacks off long holding, which has been exited. So Sun Pharma is another one which I would sell a little at current level Rs 718-719 and also use any Rs 5-10 rally in the stock to add to the shorts," he said.