(Read more: 'Dirt cheap' airline stocks: Analyst)
"The obvious one is technology," he said. "That does the best, relative to both beta to the market and also higher rates do not have a negative impact on tech in the way they do on other sectors."
Kelly's other favorite rising-rate sectors were financials and consumer cyclicals.
The worst areas as interest rates rise were telecom, utilities and real-estate investment trusts.
But Kelly didn't suggest eliminating them from portfolios.
(Read more: Facebook lacks leadership, Porter Bibb says)
"They have a place, but they have to be 'underweight,'" he said. "Something like utilities has two strikes against it. One, it is defensive, so you don't get the full kick from a rising equity market. But also, it's being used as a bond substitute."
Kelly also warned against defaulting to dividend stocks.
(Read more: Apple stock heading toward $600 per share, pro says)
"I'm just looking for the growth," he said. "The higher the dividend is, the more people are buying it for as a bond substitute, and that's what you really want to try and avoid when rates are rising."
— By CNBC's Bruno J. Navarro. Follow him on Twitter @Bruno_J_Navarro.
— CNBC's Stephanie Landsman contributed research to this report. Follow her on Twitter @StephLandsman.
Trader disclosure: On July 24, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Karen Finerman is long AAPL; Karen Finerman is long BAC; Karen Finerman is long C; Karen Finerman is long JPM; Karen Finerman is long GOOG; Karen Finerman is long M; Karen Finerman is long TGT; Karen Finerman is long OCR; Karen Finerman is long MDY PUTS ; Dan Nathan is short BBRY 12/10 put spread; Dan Nathan is long BA Aug 9 put fly ; Dan Nathan is long TXN Aug 38/36 put spread; Guy Adami is long C; Guy Adami is long GS; Guy Adami is long INTC; Guy Adami is long MSFT; Guy Adami is long AGU; Guy Adami is long NUE; Guy Adami is long BTU; Guy Adami's wife, Linda Snow, works at Merck; Jon Najarian is long AAPL; Jon Najarian is long SBUX ; Jon Najarian is long CSCO; Jon Najarian is long FB; Jon Najarian is long EBAY; Jon Najarian is long QCOM; Jon Najarian is long EMC; Jon Najarian is long VMW; Jon Najarian is long NTAP; Jordan Rohan is long FB.