Short HDFC: Sudarshan Sukhani

Sudarshan Sukhani of s2analytics.com told CNBC-TV18, "It is not an opportunity to accumulate ITC because we do not know where this will end, but I suspect ITC is not going to go down much further. So maybe in a couple of days when the decline stems or ends, ITC would be a buying opportunity."

He further added, "Much more interesting is the short side for PSU banks. We have been downbeat on this sector and this is a sector where short selling opportunities are coming such as Punjab National Bank (PNB), Bank of Baroda (BOB), even Canara Bank. So this is an area that people should examine. The second is the housing finance companies or just HDFC. HDFC has clearly become a short selling candidate because the highs that it made on the back of news have not been sustained and that is fairly bearish."