Independent market expert, Ambareesh Baliga like most market experts believe further downside for the market is likely. However, the next fall may not be a continuation of the current fall and one could see a small bounce back in a couple of days with Nifty taking support around 8000-8050 levels.He is bullish on the market over the next 3-5 years but advices short-term investors and traders to exit on a rally for now because the pain in the market may continue. "Any sort of rally should be utilised to ligthen positions, get into cash and utilise that cash when the market corrects over the next two months," says Baliga in an interview to CNBC-TV18's Latha Venkatesh and Sonia Shenoy.
Stock specific, he had a buy on KEC International and would continue to hold on going forward too. However, one should wait before entering into other midcaps at this juncture because he expects them to correct at every fall.ITC for him is a buy at these levels but would buy it in small quantity. None of the other FMCG looks attractive at these levels.
He would look at buying Hero MotoCorp on dips.
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