Buy Tata Motors 400 Put; L&T may slip to 1100, Pidilite looks weak: Mitessh Thakkar

Mitessh Thakkar of miteshthacker.com told CNBC-TV18, "For Tata Motors anything below Rs 410-420 would be a breakdown and that is where the opening rates are. My sense is that wait for some kind of mild pullback and buy into 400 strike Put option, that could be a good trade."

"Larsen & Toubro (L&T) unfortunately is one of the stocks, which is now correcting. It is also Nifty participant, so keeping a stop loss at Rs 1,165, I would think for declines to about Rs 1,100-1,110 or thereabouts. The other stock which looks weak to me is Pidilite Industries but I would want to see this stock break support levels of Rs 785-784. It is only about Rs 5-6 away from there. If it breaks that then that could be a shorting candidate and we will look for the correction to about levels of Rs 740 and keep a stop loss at about Rs 800," he said.

"I have two stocks, which are breaking down, one of them is Larsen and Toubro (L&T), it is a sell with a stop loss at Rs 1,166 for target of Rs 1,110. RBL Bank is something which is showing signs of correction. So I would sell it below Rs 490, keep a stop loss at Rs 506 and look for declines to about Rs 460 kind of levels."