Market analyst Soni Patnaik from JM Financial Services has suggested two BUY Calls for short term traders. Indian markets opened positive but have declined after first hour of trade. The markets could see further downside in today’s session as a correction in stocks is long overdue. Indian markets have been defying any weakness and have been trading firm for the last few weeks. A correction at this point could be healthy for the markets and can provide good entry point for long term investors.

Patnaik has suggested BUY Call for PSU power major Power Grid at current levels for a target of Rs 255-260 with a stop loss at Rs 240. The stock is looking strong on the charts.

Patnaik has suggested BUY trade for PSU energy major GAIL. Traders can BUY GAIL at current price for a target of Rs 115-118 with a stop loss at Rs 107, as per Patnaik.

All trades should be conducted with strict Stop Loss. Markets can have unpredicted moves based on news and trends in the global markets. Stop Loss is an important strategy to reduce the risk in case the stock doesn’t move as per the call given by market experts.