Look at private banks, prefer metals: CK Narayan

CK Narayan, MD at Growth Avenues told CNBC-TV18, "It is not very difficult to find that the metal sector is something that is seemingly doing far better than most of the other sectors. So, I would definitely go into the metals. I like the placement of the prices on the charts with respect to Tata Iron and Steel Company Limited (TISCO) and Steel Authority of India (SAIL), so I would take a look at these two. I would wait for Hindalco Industries to show a little more spunk on its charts before buying it. More certainly this is one sector where I would put in some amount of money. They are all down and out, so you are really not buying expensive."

"Non-negative results or slightly positive numbers from some of the banks could actually set the trend a bit rolling in the PSU banks. Private sector banks have been actually coming out with decent numbers. They have taken a hit; Axis Bank in particular took a hit. However, I saw Axis Bank had weathered the storm some what in yesterday's trading," he said.

"Private sector bank is something that I would look at because Bank Nifty during the last week’s carnage fell about 1.5-3.7 percent. So, the banks are already sort of resisting the trend or the push to the downside. It is a popular sector, well patronised by all shades of players. So, staging a rally there would not be very difficult."

He further said, "Pharma has been bashed, continue to be bashed. You can expect a very short-term rally. so traders can take interest in that including short-term investors, medium-term players should wait for some kind of ranging into which they can buy in a graded way into pharma."