Look at Bharat Forge, SBI, Maruti Suzuki: Jai Bala

Jai Bala of Cashthechaos.com told CNBC-TV18, The banking index has done tremendous job and it has been doing slightly better than the Nifty and despite this fact the fact that State Bank of India (SBI) and ICICI Bank haven't taken out a key resistance; it is going to be pretty important for the market. The next 10 percent of the move for SBI and ICICI is going to be pretty important.""If ICICI pierce through Rs 285-295 - that is going to be an important signal for the market. However, same is for SBI; it need to take out Rs 255. If it does that the thesis that the market is heading for record high will be reiterated at this point of time," he added."We have seen BSE auto index clock record highs and that is very important. We have been saying that from 2009 the auto index has been the leader and so we saw record highs come through in Bajaj Auto and Hero Motocorp. This sector remains quite strong and within this sector Maruti Suzuki still got lots and lots of steam. We are looking at much beyond Rs 5,000-5,800 for Maruti, so this is going to be an important stock for medium-term.""In auto ancillary space, look at Bharat Forge. It is looking very interesting but be careful it is in the midst of a correction. If you are conservative, wait for the stock to take out last week's high, which is about Rs 785. Once that is done, this stock is set to double and we need to place the stoploss below the low of June 24 which is about Rs 720. So it is important for this stock, it is important juncture for Bharat Forge.""We have been bullish on the midcap cement space. It has been doing quite well, so we are positive on that space but the risk reward is quite low from here. So if you are already long there, hold on to it but don't trade fresh positions there," he said.