Short Dish TV, Union Bank; hold LIC Housing: Sudarshan Sukhani

Sudarshan Sukhani of s2analytics.com told CNBC-TV18, "It does appear that public sector banks, to some extent the momentum private sector banks, which means everything except HDFC Bank, most banks and financials – NBFCs should lead the decline. While many NBFCs are not in the index, metals are, and metals also appear to have some kind of weakness. So, while the decline would be general, it should be with banks, NBFCs and metals."

"It is not a very good day to buy anything, but IT is outperforming. It is probably because of that sense of defensiveness. However, TCS is a buying opportunity independently also; in fact both, TCS and HCL Technologies. We just selected TCS as the day’s better opportunity. Both stocks should be looked into for buying not only for today, but also for the next few days."

"Plenty of midcap stocks for selling. You could actually close your eyes, pick something up, and make money by going short intraday in that. We have Dish TV and Union Bank as short selling ideas for the day. Do not carry short positions except in the index."

"My suggestion is hold on to LIC Housing, in three years’ time you will be surprised at how much it has gone up."

"It is not the correct time to buy JM Financial. There is a difference between a person who is a long term investor and holds on to his shares, and somebody who is now putting money in the market. If you want to put money in the market, especially in financials, there will be a lot of opportunity in the next three months or so. Today is not a good time or even now is not a good time, everything will be lower," he added.