Buy Tata Motors, M&M on correction: Choksey

Deven Choksey, MD of KR Choksey Securities told CNBC-TV18, "We have to be selectively involved into the market. There are plenty of companies where the valuations are available at quite an attractive level and many of them still stay in the midcap space. Likes of LIC Housing Finance and IDFC are available at a good valuation even today even though they have moved up from their bottom level quite significantly but they are still available at an attractive valuation."

"IDFC is available just above the one time price to book value, so such kind of opportunities one could capture. Even within the auto space, Tata Motors or Mahindra and Mahindra (M&M) are still holding good prospects. So any correction in the market of any nature, that would be a buy opportunity or entry opportunity into those counters," he added.

Choksey further said, "One will have to be selective in buying into the market. Though I would think that one would not get into the euphoric kind of situation, one would probably buy into the market when some amount of correction takes place. So with the shortlisted names which one could buy from the market based on the valuations than the merits."