Sell Union Bank of India, Syndicate Bank; buy Escorts: Ashwani Gujral

Ashwani Gujral of ashwanigujral.com told CNBC-TV18, "Union Bank of India remains a sell with a stop loss of Rs 116 and target of Rs 104. Syndicate Bank is a sell with a stop loss of Rs 60 and target of Rs 52. Escorts is a buy with a stop loss of Rs 880 and target of Rs 915."

"I think there is clear de-rating of the smaller PSU banks. So chances are they continue to make lower lows even if the Bank Nifty becomes stable because people are now painting everything below State Bank of India with the same sort of brush."

"I don’t think you should be buying midcaps because that is where the big gains are there. If the market starts to expand again on the downside, a lot of these stocks will fall fairly hard. India Cements is close to that Rs 155-160 zones from where it tends to bounce, but right now, keep away from midcaps because they have the most to lose if the market has another breakdown."

"The market is giving you a very clear downtrend. So getting short on anything should workout, particularly the financials. I do not think you want to be in a volatile stock where you do not what is happening, news flow is erratic. I do not think there is great value in being in Fortis Healthcare right now,"  he said.