Shubham Agarwal of Motilal Oswal Securities told CNBC-TV18, "If you we look at the medium-term chart of HDFC, roughly around Rs 1,280-1,290 has been the mean reverting band. That mean reverence again continues, so with the fact that we already have HDFC reporting at the lower end of the band and we don’t foresee that band getting weak, we recommend a buy on the stock with a stop loss at Rs 1,120 and a target of Rs 1,275.""I don’t think there are profits because in a consistently we have seen those stocks sliding down and I don’t foresee any kind of a bottom that has formed on the chart as of now. So, we will have to be very choosy about the stocks we are trading and in stocks like Cairn India and Hindalco Industries has another 20-25 percent downside that are very clearly visible on the charts. So, if at we do see any pullback happening, that is a good opportunity to exit. It is not really a time to go and buy any of them," he added.
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