Buy Sun Pharma, advises Shardul Kulkarni

Shardul Kulkarni of Angel Broking told CNBC-TV18, "I would be significantly cautious in banks. I would look at going short in them. So, I would look to sell State Bank of India (SBI), YES Bank as well as Kotak Mahindra Bank. Kotak Mahindra Bank incidentally has a very strong sell pattern. There is a clear head and shoulder breakdown in the stock."

"The sectors which I think that will do well is pharmaceutical and IT. So, in IT I would be a buyer, like Tech Mahindra and Tata Consultancy Services (TCS) whereas in case of the pharmaceutical pack I think Sun Pharmaceutical Industries is a good stock to buy. So, Rs 560 would be a decent stoploss and Rs 650 would be a target price on the upside in it," he said.