High-quality stocks are still a "buy" on dips, Douglas C. Lane & Associates Managing Director Sarat Sethi said Wednesday.

"I want top-line growers," he said. "I want companies like Hertz. I want companies like an Equinix that is a co-location facility, or an American Tower."

On CNBC's "Fast Money," Sethi said that he liked "autos and airlines," which were attractive on stock price declines.

(Read more: 'Not enough of a pull-back yet': Pete Najarian)

Sethi, who has $3.2 billion in assets under management, said that the Congressional impasse over the federal budget and the debt ceiling was a concern but also a potential chance to buy quality stocks at a discount.

"As we get this sell-off, we've been waiting for an opportunity to buy some of these companies that have just kind of gone straight up," he said.

(Read more: 'A brilliant buying opportunity': Paul Richards)

"I want to buy these really good companies at better prices, and I don't want to get defensive here because I think the defensive stocks will do fine. But once we get a resolution you're going to be left behind by the market, and you want companies that are going to do well."

— By CNBC's Bruno J. Navarro. Follow him on Twitter @Bruno_J_Navarro.

Trader disclosure: On Oct. 9, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Josh Brown is long AAPL; Josh Brown is long SBUX; Michael Murphy is long BAC; Michael Murphy is long C; Michael Murphy is long FB; Michael Murphy is long HTZ; Pete Najarian is long AAPL; Pete Najarian is long calls C; Pete Najarian is long calls JPM; Pete Najarian is long calls WFC; Pete Najarian is long calls INTC; Pete Najarian is long calls YHOO; Pete Najarian is long calls BBRY; Pete Najarian is long SBUX; Pete Najarian is long stock FB; Pete Najarian is long calls FB; Pete Najarian is long calls MSFT; Jon Najarian is long AAPL; Jon Najarian is long GLD; Jon Najarian is long FB; Jon Najarian is long HPQ; Jon Najarian is long KORS; Jon Najarian is long CYH; Jon Najarian is long THC; Jon Najarian is long HCA; Erinn Murphy is long KORS.