Jai Bala of 1857 Advisors told CNBC-TV18, "I still like Cipla. The stock is looking quite attractive. We still hold the view that we have a price objective of about Rs 800 plus and that is likely to happen. So, it could very well perform in the following week."
"If you look at something like Century Textiles and Industries, the low between Rs 500 and Rs 470 is very crucial and that is a stock that could perform well in the week going forward. But please remember, the stocks and securities, they turn around in a three-step fashion. One, they come to a significant low and then they stabilise and clock a reversal. Or they could skip the middle step and just come to the low on reverse. Until the reversal signature is present in the stock, we do not want to venture in and pull the trigger," he added.
"The market is very close to a very important bottom, but we do not want to venture out. And the market itself is saying that the market has stabilised and it is going higher. We want to be playing safe and take that extra premium as insurance," he said.
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