VK Sharma, Head - PCG and Capital Market Strategy at HDFC Securities told CNBC-TV18, "I have ACC, L&T Finance Holdings and ICICI Bank where investors need to protect. In ACC, I am suggesting to buy the 1,660 Put at around Rs 24, keep a stop loss at Rs 16 and target of Rs 40. Otherwise, we see the stock falling to around Rs 1,580, its 200-day support. So you can continue to hold on to these Puts that you buy."
"L&T Finance closed below its 200-day moving average first time after April 2016. So this could also fall to around Rs 138. So, I am suggesting to buy the 155 Put at around Rs 4.5 or whatever the price is at the open, with stop loss at Rs 3 and target of around Rs 10."
"ICICI Bank, is a stock which I hold, but definitely a stock where I would like to recommend buying Put at 330, buy around Rs 8, stop loss at Rs 5, target of Rs 15. This stock could take support only around 200-day moving average which is around Rs 297."
"The stock that I want to buy is ICICI Prudential Life Insurance
where the 200-day moving average, 20-day moving average, and the other moving averages also hover between Rs 415 and Rs 417. Yesterday, the 420 Call quoted at around Rs 15. So I am buying this, should it fall to Rs 13, with a stop loss at Rs 8 and target of around Rs 22. I don’t think this will break the 200-day moving average, this is one stronger stock among the other largecap stocks," he added.