Buy Maruti, Ambuja Cement; sell SBI, PNB: Sanjeev Bhasin

Market could open positive today on the back of global rebound, however expect profit booking/correction to set in later.

The rise in bond yields, higher than expected inflation and global geopolitical tension with oil spiking all will see markets reacting negatively.

The results season has started and market will watch for guidance from the IT bellwether corporates.

With foreign investor flows also turning negative "sell the rallies' should be the adage for the holiday shortened week.

For Nifty 6650-6800 should be the range for this week

For today buying in defensive outperformers should make money with select cement, auto and FMCG being long. The high beta sell off in banks and metals could continue to be the theme for today also.

Trading calls for today:

Longs:

1. Buy Maruti: 1925, stop loss 1890, target 2000

2. Buy Ambuja Cement: 213, stop loss 209, target 224

3. Buy Asian Paints: 532, stop loss 527, target 546

4. Buy Indiabulls Real Estate: 64, stop loss 61.5, target 71

Shorts:

1. Sell PNB: 765, stop loss 783, target 712

2. Sell SBI: 1970,stop loss 2010, target 1900

3. Sell Sesa Sterlite: 190,stop loss 196, target 178

4. Sell SAIL: 70,stop loss 72.5, target 64