Accumulate Wipro, Infosys: Phani Sekhar

Phani Sekhar of Angel Broking told CNBC-TV18, "Public sector undertaking (PSU) banks are certainly off the radar. Private banks are good ideas to be brought on declines because in this correction, you will have all rates sensitives led by banks to correct. So as and when you get opportunities in stock such as ICICI Bank or Axis Bank among the frontier liners it will be a good idea to buy them."

"Other than that even in current markets you can look at frontline IT stocks, especially Wipro and Infosys to be accumulated. So these are some of the limited ideas that I can think of right now because the rest of the rate sensitives such as auto, the valuation are atleast far ahead of the fundamentals for any meaningful correction to happen out there," he said.