Auto and two wheeler manufacturers such as Bajaj, Hero Honda and Tata Motors also show signs of coming under selling pressure.
I would be prepared to take long futures positions in Infosys, TCS and Satyam and perhaps in Polaris, I-flex and HCL Tech as well. Shorts in BPCL, HPCL and IOC could similarly lead to payoffs.
There doesn't seem to be particularly worthwhile options positions in most of these counters. The lack of liquidity in options makes it impossible except in a few cases and there, the risk:reward ratios aren't clear enough.
In terms of arbitrage, Reliance (cash 1069 and July futures 1080) seems to offer the best opportunities. You could buy the future and sell the cash (if you possess it). That would lock in a reasonable price differential given the possibility of reversal on settlement.