Deven Choksey of KR Choksey Securities says that the markets just had a panic reaction to the Thai statements and was keeping in line with other Asian peers.While he expects a recovery today, he says that a correction is needed in this market. He says that profit taking is likely to come in at higher levels.

Choksey says,"The markets should recover but whether it will remain recovered and sustain thereafter is going to be a question because the profit taking at the higher level is going to be reality in Indian market. The market started this rally since 9000 levels and going upto 14,000, there is some amount of correction required in this market and as I see 13,200 to 14,000 band is largely a correction band."

"We will see some amount of actions and the directions which will come largely out of the Q3 results in that direction thereafter and the Budgetary expectations," added Choksey.

He advises long-term investors to remain invested in this market, as the fundamentals are intact, and recommends getting into select stocks at lower levels.