Prefer Dr Reddy's Labs, buy metals on correction: Gujral

Ashwani Gujral of ashwanigujral.com told CNBC-TV18, "Dr Reddy's Laboratories (DRL) is creating some sort of a base. So we need to get passed above Rs 3,250-3,270 for some sort of strong uptrend to resume, basically, very little downside, much more upside.""Tata Power is always flattered to deceive and we need strong closing above Rs 90-92 zone before it catches on steam. It has been sideways for most of its life, so maybe heading towards upper end of the range. Above Rs 90, we could see Rs 115-120 but I would prefer DRL rather than Tata Power," he said."Metals are the strongest group in the market and these corrections should be used to buy anytime you see 10-15 percent correction. Tata Steel below Rs 300, will be decent levels to buy. Similarly, Hindalco Industries recently broke out of Rs 100-105, so around Rs 100, if you get Hindalco, that will be a pretty good buy. This 100 point gap down is not because of any domestic causes etc, these global corrections come every one and a half months and if you buy into them, you tend to benefit when the markets recover."