Buy ICICI Bank, UltraTech Cement; sell Tata Steel: Rahul Shah

Rahul Shah, Associate VP, Equity Advisory Group at Motilal Oswal told CNBC-TV18, "Banking is the star in last two series. So continued participation in bankex, so I feel private sector bank is leading in that. ICICI Bank post results have shown a very positive sign on charts. So this stock can still go to Rs 320 levels or so. I would buy ICICI Bank with a target of Rs 320 and stop loss of Rs 297."

"We have seen UltraTech Cement, ACC and Ambuja Cements all doing quite well. So I feel cement can still do well. I like UltraTech, so I would go long on UltraTech with a stop loss of Rs 4,380 and target of Rs 4,500," he said.

"Third is a short sell on steel sector. That space looks weak. This series also opened positively but could not able to hold. So I think we will go short. Go short on Tata Steel with a target of Rs 410 and stop loss of Rs 442."