The Nifty today fell 63 points, closing below 8,550, further cementing the notion that the ongoing correction is part of a deeper fall in the Indian equities.
In an interview to CNBC-TV18 in its Closing Bell segment, technical analyst Ashwani Gujral of ashwanigujral.com said the Nifty is now headed towards 8,400, its immediate target -- even as he added that the downtrend was unlikely to stop before the index reaches 8,200.
"The Nifty has broken 8,550. 50 percent correction is over (from the peak of 8,900), another 50 percent is still left. Short sellers should maintain their positions," Gujral said.
But, fundamentally speaking, markets look good for those having a long-term horizon, said Varun Goel of Motilal Oswal AMC.
"A correction of 5-6 percent can happen in the market anytime," he said, adding, strong earnings pick-up in FY17 and FY18 would prevent stocks from falling more.
Goel expects earnings growth of 10-15 percent in FY17 and even better in FY18.
"I would prefer to continue to buy quality stocks with a 3-5 year perspective," he said.
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