Market expert, Jai Bala, on Monday said the Indian and international markets need to go below the March 2018 lows.

Bala said, "Earlier, it was only the Indian market, which was moving lower and now everything is starting to move lower. Similar picture for bank Nifty too. Bank Nifty needs to go below 23,600, but it's going to be a little more volatile than the Nifty."

On Reliance Industries Ltd (RIL), Bala said, "RIL is having a large correction but it's likely to have already bottomed at Rs 1,010 or it's likely to go slight below somewhere around Rs 990. So, the major price damage is done for the stock. It's already looking like it might have put in a low, but it's better to wait and watch rather than pull the trigger right away."

Talking on private sector banks, he said, "Private sector banks is a very diverse pack. Only one common thing that is visible is the large degree of uptrend is still intact. When it comes to the short term charts, it looks like HDFC Bank could correct somewhere close to Rs 1,830, ICICI Bank may stay ranged, whereas IndusInd Bank might go below the October low. So, it's a very diverse pack and it's not one size that fits all. However, the basic point is that there is still some correction left within the private sector banks."

Speaking on IT space, Bala said, "I have price of 18,000 for the CNX IT index. The 16,250 odd high it made in September looks incomplete to me. However, I will wait for the index to fall somewhere close to 14,100 to 13,700 and once that is there, we can look for frontline IT names to be picked up, basically TCS and Infosys. However, you need to be little more patient in the short term."

Disclaimer:

The views and investment tips expressed by investment experts on CNBCTV18.com are their own and not that of the website or its management. CNBCTV18.com advises users to check with certified experts before taking any investment decisions.

Disclosure: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

First Published:Oct 22, 2018 6:53 PM IST