Equity calls: Bharat, Sharma

KR Bharat, Advent Advisors: Macro economic outlook is still very negative. No fresh buying is emerging and with the lack of flows we may see the market drifting down further. Lack of fiscal discipline and the current account deficit are working adversely and putting economy in worse shape compared to other EMs like China and Russia. It will take a long time for the economic fundamentals to improve.

VK Sharma, Anagram Stock Broking: Nifty's move below 4448 has confirmed a bear market and this will make bulls revisit their position. I would advise protection by buying 4500 Puts as capital protection is most important under current scenario.