Go long in SAIL, Reliance Infrastructure: Siddarth Bhamre

Siddarth Bhamre of Angel Broking told CNBC-TV18, "As a consumer I can say that the sales would increase for ITC, because of ban of a loose cigarettes but whatever impact on the stock is happening is mainly because of rise in excise. I don't think this news should have any material impact, otherwise we would have seen something in pre-opening. The other stocks are very short trades in the sense very short-term trades and are for the bounce rather then for a trend change." "Steel Authority of India (SAIL) is taking support somewhere around Rs 65-66. We are expecting some bounce to happen, we have seen some cash base buying taking place in cash market and I am expecting a bounce up to Rs 72. So one can fix stop loss somewhere around Rs 64 and go long over here," he said."Crude oil prices have bounced from USD 62-65 levels. For Cairn India, Rs 185-190 is very strong support zone. There are lot of short positions. I am expecting a small bounce which can probably take it to Rs 208-209.""Reliance Infrastructure is very high beta stock and we have seen how the stock falls when market falls significantly, but in last four-five months it is more in a consolidation range with Rs 400 on the lower side and Rs 450 on the higher side. We are back to the lower side of the range, the stock is out of Morgan Stanley Capital International (MSCI) so whatever selling has to be done that has been done. I don't see significant downside from current level. I am expecting a bounce back to Rs 445-450 odd levels. So you can go long with a small stop loss of Rs 396," he added.