One can enter Cipla at Rs 365 and on the higher side we look Rs 390 levels. On the downside one can keep a stop loss at Rs 355, says Amit Gupta, ICICI Direct.

Gupta told CNBc-TV18, "If you look at when the market becomes jittery we have seen that there is definitely some flow of funds from the high-betas into the pharma or the defensives. The same we are seeing right now that when Cipla took a breakout above Rs 340 levels that was with a gap; Rs 340-350 there was a gap formation. It spent almost two weeks, but it couldn't fill that gap and there are a lot of guys who felt that it's better to remain short till the gap is not formed. Once it didn't happen and the stock has started moving up, I assume that those shorts have stuck up again in the stock and it is continuously moving."

Buy TCS, says Sudarshan Sukhani of s2analytics.com. But after that very sharp rally the buying should only be done on a consolidation and if these stocks start falling even in small percentages to consolidate then they are not contributing in the next few days to the Nifty.

Sukhani told CNBC-TV18, " Jaiprakash Associates cracked Rs 74. I was upbeat on it, but that was my stop loss level at which point we actually had long positions in it and we closed it at Rs 74 and look where it is at, which is the reason I wanted to give this message to traders, it's very important to keep stop losses and obey and follow them. It's a worry. The question was whether it can come to Rs 50. It's now in a free fall. Stocks in free fall can go anywhere."

Sell Jain Irrigation and Delta Corp, says Sudarshan Sukhani of s2analytics.com.
Sukhani told CNBC-TV18, "Jain Irrigation doesn't have any support. I am surprised, because I was upbeat. It came in my buy list and did nothing, it fell. So it is a short sell. I am wondering what's going on here, obviously I don't understand that. But it's a short sell. Sell it, keep a stoploss. I expect this to slide all the way to Rs 50."

Sell Sterlite Industries and Wockhardt, says Sudarshan Sukhani of s2analytics.com. For Wockhardt the chart support comes at Rs 925 which is far away. So for a short-term trader it might be interesting to go and sell Wockhardt in anticipation of small profits or a quick trade.

Sukhani told CNBC-TV18, "Sterlite Industries is a short sell. Traders have to understand that not everything that's a sell needs to be sold, but on the charts it's broken down; Rs 108 was support level. It yesterday simply crashed through it and went much lower. That tells us that if not anything at least a deep correction has started in it. So at some opportunity maybe the decline will continue today. Maybe there will be a small rally. The trade is to sell it."

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