NMDC may add Rs 10-15: Amit Gupta

Amit Gupta of ICICI Direct told CNBC-TV18, "One can look at NMDC and Power Grid Corporation of India because power, capital goods, metals, metals particularly have not started moving up yet. JSW Steel results came out, they were good results and we saw the move in JSW Steel of at least 100 points."

"NMDC results are still yet to come out but I feel it has come down to good level of Rs 160-163. If you see from November to April it had made a high of Rs 150 and in this particular fall it has already tested those levels and started moving up. If you see the additions in the stock, now it is sitting at a very low leverage and around 60-70 percent of leverage is already closed in this particular fall from Rs 180 to Rs 160 levels and now fresh additions may start adding up in the stocks. So it has a good room for upsides around Rs 10-15 are possible in this particular stock," he added.

"Power Grid has been a consistent slow performer and power stocks are seeing some sort of buying momentum now because lot of things are done in the power sector by the government. So Power Grid remains one of the best picks. Safety wise also it is one of the best because the beta is low and the risk factor is also low. Rs 136-137 levels may remain a good support area where you can keep a stoploss in the near term."

"It has already formed a base around Rs 130 and now it has come up to Rs 140. It is possible it can move towards Rs 155 levels. If you see the open interest additions the long positions are still intact. I think these long formations at Rs 140 may start taking it towards another Rs 15-20 of upside in the coming sessions," he said.