ITC, Axis Bank, Asian Paints, TCS and Sun Pharmaceuticals were offering support to markets in today’s trading session. NSE Nifty was trading 225 points lower during the first hour of trading session. If this continues, we could consider it as a healthy correction in the Indian markets. However, there can be a recovery at any moment. In the past, corrections have been short-lived. So, it wouldn’t be advisable to sell at current levels. In case traders sell at these levels, they should keep a strict stop loss in case the markets recover.

Among major losers in today’s trading session were IndusInd Bank, Shriram Finance, Mahindra & Mahindra, Hero MotoCorp, Bajaj Auto, Coal India, Hindalco, Tata Motors and Eicher Motors. Automobile stocks were trading lower today and dragging the indices down. Among banking stocks, there were many stocks like IndusInd Bank, SBI, ICICI Bank that were pushing the indices lower.

We could see the selling taking markets to further lows during the intraday sessions. However, a recovery can be expected from lower levels. The afternoon session will also depend on the cues from US Futures.

Among technology stocks, only TCS and HCL Technologies were trading positive today.

DCB Bank shares were trading 4 percent higher after impressive results.

We can expect stock specific action in the markets today.