Prefer Union Bank, L&T Fin, M&M Fin: Siddharth Bhamre

Siddarth Bhamre of Angel Broking told CNBC-TV18, "We would prefer short covering candidates like largecaps to trade in this bounce back. However, even some of the beaten down financial names like Union Bank of India, L&T Finance and Mahindra & Mahindra Financial Services can show good bounce. Then of course you would have lot of other midcaps which are near to their support levels they may show a bounce back."

"However, idea is to play on a short covering bounce rather than anticipating any fresh buying. So we would stick to largecaps but some of these names which I took that can be looked over," he added.