Hold Tata Chemicals, says Ashu Madan

Ashu Madan of Religare Securities told CNBC-TV18, "In spite of current market situation I would still say that Tata Chemicals is one of the good stock to hold for a medium term to long term. I mean they are in the right areas, the areas which have been focused by the government and probably Budget also. Everything put together I understand there has been a marginal decline recently because of the profit taking we have seen in the market. But still if you look at it has still outperformed. I mean compared to many other midcaps it has outperformed, so I would say definitely it will be under pressure."

"The next three months could be bad for the market. But I still say that it is better stock to hold. So all in all I would say that it is one of the rare stock which one should hold for medium to long term though I am not bullish on the overall market currently."

"We can see much lower levels to come, but I would say that hold it for some time and don’t panic in this kind of a situation which has risen recently because of the various factors. So, I would recommend it to hold," he added.