Mitessh Thakkar of miteshthacker.com told CNBC-TV18, "On Tata Motors, we have had a big breakdown yesterday. So, if somebody doesn’t want to sell aggressively right now because obviously there is some kind of risk reward equation, which is not extremely favourable in terms of ratio but buying Put options will be a good idea. I would suggest buying into 480 strike Put option, may be you would want to cover the premium a bit by selling 460 Put option. That would be a profitable strategy because the bias remains on the negative side."
"My individual stock strategies are a buy on Apollo Hospitals, keep a stop at Rs 1,217, look for target of Rs 1,300. A sell on Apollo Tyres and we have been bearish on Ceat in the past. Tyre stocks are showing corrective patterns. Apollo Tyres can be sold with a stop loss at above Rs 179.50 and look for target of Rs 166," he said.
"Buy GAIL India which had a strong closing yesterday. That is a buy with a very tight stop loss at Rs 490, look for target of Rs 506. A buy on UCO Bank, couple of PSU banks were showing breakout. So, UCO Bank is a buy with a stop loss at Rs 35, look for targets of Rs 40."
"I have a sell in the cash segment on Praj Industries with a stop loss at Rs 81 and I would look for declines till about levels of Rs 71."