A sharp bounce after a huge drop has come precisely from the first line of of 4200 - 4400. There is possibility that the stock can stabilize here and remain sideways or head north again. But we are more interested in the next best of 3800. Because when such high beta stock is on run, few hundred points are nothing. That's the reason we would like to lean against better levels so that in case of emergency we have an exit ;)
So casting a wide net between 3800 and 3500 during the drop may provide good buy side trading opportunities.
Besides, our trade set up in ICICI Bank has been working good and we are jobbing that 240 level from buy side.