Technical Analyst, E Mathew is of the view that IFCI has critical support around Rs 46-48. If it breaks this support level, it could drift back to Rs 42-44 level.

Mathew told CNBC-TV18, "IFCI and TTML are trading or momentum stocks. These are not really investment stocks. Take an IFCI for example. I thought the stock had formed a very good base around that Rs 43-44 zone. It has been a good move. We saw the stock trying to pierce a very tough resistance zone of around Rs 65-68 and it failed. Right now it is in a corrective mode. I think for IFCI there is critical support around about that Rs 46-48 zone, I would say it is imperative that this does not break because if this does break then I am afraid we could see it drift back to that region of around Rs 42-44 from where the good move started."

He further added, "TTML is another stock, which is not really inspiring a lot of confidence at least chartically. Here also, I don’t look at it as an outperformer. In fact there are a lot of stocks that you must have noticed even today. Something like a Blue Star, Infotech and a Sanra Software. Of course these are all looking slightly overbought. They continue to outperform the market. So, even in such a bearish market, which was the tone today, we do find pockets of outperformance."

"So, I guess the name of the game here is really to be highly stock specific rather than being influenced substantially by the Nifty. About the momentum stocks, most of the time they are mimicking the Nifty. To that extent, the bearishness in the Nifty is rubbing off on to these momentum stocks."

Disclosure: It is safe to assume that analyst & his associate/company/clients may have trading positions in the stocks discussed.