Ambareesh Baliga of Karvy Stock Broking says the market should see consolidation for a day or two now, though he does not deny it bouncing back, trying for the 13,000 levels.

But he adds that higher levels for the markets seem difficult now.

Baliga sees the current scenario as a great opportunity to book profits.

Excerpts of CNBC-TV18's exclusive interview with Ambareesh Baliga:

Q: Do you expect some more consolidation after yesterday or do you think the markets can bounce back?

A: I think one should see consolidation for a day or two. There could be a bounce back, again trying the 13,000 levels. But then, we still have the same view, what we had couple of weeks back that much higher levels than now, seems difficult for the time being. It’s a great opportunity to book profits, which we have been doing for quite a while, and we are quite happy doing that.

Q: Are your retail clients feeling a bit left out? What has been happening in these past few weeks?

A: In fact, those who are not participating in this market at all in the last four-six weeks, have a feeling of being left out. But all that we keep telling clients is that it is better not to get in at this point of time and again get stuck; do not make the mistakes one has made in the past.

Possibly, if one is standing on cash for last two-three months, it is better to possibly hold on to cash for a while more because the markets cannot keep moving up all the time. There has to be a reaction, which people have been expecting for a while, as of now. So if there is a correction after a week or after 15 days, they could use that cash during that correction than investing right now.