If the Modi stimulus is going to be a positive, the US Fed warning of a steeper recession is likely to be negative for markets. The US and Europe corrected sharply on Wednesday and most of Asia is down. SGX Nifty is also deep in the red and that could rub off.

· Look to sell ONGC at Rs.85 with downside targets of Rs.72. Oil was weak on Wednesday despite stimulus efforts and drawdown of inventories, due to Fed recession warning.

· Traders can look to sell Bajaj Finance at Rs.2150 for lower targets of Rs.1950 with a one month time frame. Risk off selling will hit consumer financers and banks the most.

The stimulus details on agri stocks will hold the key but the US Fed recession warning is likely to be an overhang on the markets on Thursday. Trade short on any bounce.