Sushil Kedia of Director-Quantitative Strategy,CIMB told CNBC-TV18, "Going forward I won't be surprised if banks break their low that they made in August - that is a huge deep downside.
He further added, "Larsen and Toubro (L&T) retested its lows of August. Bharat Heavy Electricals (BHEL) perhaps will go back and retest Rs 100, may be it will be down to Rs 95. So, on a rebound that may come next week, incrementally, that is where one may add positions."
"One exception in this entire pack is Tata Motors. I was bearish on it and now the bearish news has hit and there has been a huge decline of close to 10 percent. There was a buy signal on that for traders not for investors and perhaps with another Rs 10-13 rise a complete retesting of the highs is not being ruled out. On a good rebound from here, Tata Motors after some time will again be a short, but for now the short has to be closed in it that is what the signal was on Friday," Kedia said.
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