Sell Bata, says Sudarshan Sukhani

Sudarshan Sukhani of s2analytics.com told CNBC-TV18, "I have not given up on the stock market as such, so everything that has been going up will go up again. However, in the short-term I have given up on Bata India. There has been a very sharp correction and that correction is not stopping. It is on the verge of a significant breakdown, the charts are not good. So you start with the short sell and hopefully you can sell into strength. Maintain your stops and then see where it goes."

At 09:28 hrs Bata India was quoting at Rs 1,232, up Rs 11, or 0.90 percent. It has touched an intraday high of Rs 1,232 and an intraday low of Rs 1,222.75.