IT and Metal stocks could be potential hiding opportunities for market participants in this currently volatile and choppy market, said Gautam Shah of Goldilocks Premium Research.

In an interaction with CNBC-TV18, Shah called the market fall a “difficult corrective phase” and anticipated that it is likely to continue for a while. He stated that in case the Nifty decisively breaks that 24,800 level on the downside, it can fall to levels of 24,000.

Within the Metal stocks, he said that the entire metals basket saw a breakout 10 days ago but the Chinese stimulus news triggered the breakout.

“I do believe that the metals index has the potential to deliver 25% upside from current levels over the next one year. So if you look at all the top stocks, you know, led by Hindalco, JSPL, JSW Steel, SAIL, NALCO, Tata Steel, the entire set looks very good, and I think is likely to stand out,” Shah said.

The Nifty Metals index has a subdued last week but had surged 7% in the final week of September. The index is currently on a four-week winning streak and has gained in six out of the last seven weeks.

“So, if you are booking profits in some other pockets of the market, I think metals is the place to be in and within metals, I want to stick to top quality,” the chartist added.

IT stocks are also presenting a buying opportunity and the sector has limited downside. For specific stocks, he recommends largecap IT names like Infosys, TCS, HCLTech and Tech Mahindra.