Buy Tata Consultancy Services, Tech Mahindra: Mitessh Thakkar

Mitessh Thakkar of mitesshthakkar.com told CNBC-TV18, "I would want to go the technology way. It has been showing some signals of bottoming out, we have seen Tata Consultancy Services (TCS) and Wipro get into a trend and I think Tech Mahindra is following suit. So, I have got buys on TCS as well as Tech Mahindra. TCS could be bought with a stop loss at Rs 2,565 and look for target of around Rs 2,650. Tech Mahindra which is trading at very strong support levels of Rs 418-415, buy with a stop loss just below Rs 418 and look for target of around Rs 435 to begin with."

"A lot of stocks, while the market has not corrected much, have gone into deeper correction and they are quite oversold. So, maybe you would want to trade them on a short-term basis basically looking at short covering or some kind of a bounce back from extremely oversold levels. However, I would rather prefer getting into stocks where we are seeing some kind of a signals of a trend starting. So, we have already seen that happen in TCS, now it is giving continuation signals. I think Tech Mahindra is joining the rank," he added.

"All of the other stocks, the only one which I would possibly would want to trade here is Reliance Infrastructure. If it starts getting past levels of around Rs 505-506, then you can look at an intraday bounce back which could extend for next one to two days to about levels of Rs 520-525 on the upside. So, you can go for those trades but these are very choppy, these are clearly charts which on the medium-term basis or short-term basis a downward basis. So, playing for a pullback is slightly more riskier compared to playing for stocks where trend is starting on the upside," he said.