Sudarshan Sukhani of s2analytics.com told CNBC-TV18, "The reason why we are still buying is because whatever happens, this decline is a correction it is not the start of a bear market or even a deep downside. So, there will be midcap opportunities otherwise to buy."
"Short sells are much easier to manage. Cummins India which is now breaking down the support level one after the other is a short sell. It is probably something you could carry forward although generally I avoid it, but it is so weak that you could carry the short forward."
"The second is L&T Finance Holdings, this is probably likely to be weak and the charts confirm that. That is a short sell for the day. Don’t have to carry it forward, but during the day NBFCs are again in favour on the short side," he said.
"Three buying ideas - Hexaware Technologies which is now is a small trading range after making new highs and that should break on the upside."
"Dalmia Bharat is where an excellent pattern is now developing, so whether cement does its own thing or not Dalmia Bharat does appear that it is going to go higher. It is a positional trade also."
"Bata India my favourite, a small flag like formation suggests a breakout on the upside and it could give us good momentum,"" he added.
"Ashok Leyland has also come down to that Rs 105-107, its support level. Independently, the stock is a buying opportunity. How the Nifty will influence it, is a different matter but if you are looking to buy at least you can start on an intraday trade and if it closes strong it could go in your favour for many days."
"Reliance Capital has not stopped falling, it is just a little difficult to short when it falls every day. However, for intraday traders even a small rally intraday could be an opportunity. There is significantly lower levels coming. So, for intraday traders there is a shorting opportunity every day."
"Vakrangee has increased four times, it is very difficult for me to give a trade there."
"Ajanta Pharma is part of the pharma pack which is cheerful. Even though Sun Pharmaceutical Industries is coming with results, a courageous trader could buy that in anticipation. Ajanta Pharma is a much easier buy because there are no new events today for it. That is the trade on the long side, I would carry the position forward if it closes in my favour."
"Bharat Forge is a buying opportunity. A small consolidation and a resumption of that up trend seems likely. Both trades can be carried if the markets are little cheerful towards the close of the day."
"ICICI Prudential continues to be a short sell. At some point it will become a buy, but that point is probably far away, it is a day trade on the short side and it is part of that NBFC pack which is weak any way."
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