Prefer Tech Mahindra on correction: Hemen Kapadia

Hemen Kapadia, VP at KR Choksey Securities told CNBC-TV18, "Tech Mahindra has doubled in the last year-and-a-half or so. We are in a long-term uptrend. Currently we are looking a wee bit heavy, overbought. We could be walking into a correction of a greater degree, so things looks fine but I have a feeling that the investors either need to spread or stagger his/her purchases or wait for a correction. I am not very comfortable buying at this level."

He further added, "Cipla from Rs 360 to Rs 640 in a matter of three months. It has been in a super long-term uptrend but once again near term without a correction makes me feel slightly uncomfortable; nothing looks bad both are in long-term uptrend but looking at the recent rise without a correction makes me feel uncomfortable."