Sudarshan Sukhani of s2analytics.com told CNBC-TV18, "It is not all sells because after a 350-point gap down, there may be opportunities of small bounce backs in strong stocks. However, the levels are unimportant because the stop losses and targets that we are discussing are now going to go out of the way. So focus on your own levels."
"ONGC, SRF and Marico are short sells. These are already weak stocks, so, on small intraday rallies you can still consider going short at least for the day."
"For the day, DLF and Biocon, are both buying ideas. Again, if you sense that the markets are stabilising, and these stocks are giving some sense of a momentum upside, then buy. Otherwise, a volatile market is best avoided," he said.
"My top list would still be IT. Inspite of the US decline, inspite of everything we have seen in India, IT stocks are showing significant strength. Whenever the first opportunity arises and I think it will, IT rally would be the first to look at. So all the four or five largecaps, Tech Mahindra
is a preference."