Technical Analyst, Ashwani Gujral is of the view that Pharma, FMCG or IT - these sort of sectors are much more likely to do well than the heroes of last year.

Gujral told CNBC-TV18, "Generally speaking, sectors that were in fancy in a previous leg of the bull market do not come back and make new highs so easily. So again its important to understand the way people have gotten hurt in this sector, this will take time to recover. There is probably some over ownership. Valuations probably still need to correct. Chartically all these stocks have been destroyed - stuff like JP Associates, Reliance Energy - all of these things, which have come down 50-60%.

He further added, "They need to form their bases and they need to emerge out of those bases after all the pain is out of the system, so right now the sectors that would likely do well are ones which are further in their corrective cycles than probably the sectors which were in fancy last year."

"Something like a pharma sector, FMCG or IT - these sort of sectors are much more likely to do well than the heroes of last year which will take their own time to correct. No one is saying that the long-term power stories is not there but considering the run ups they had and then post the run up, the crash that they had - its not so easy for such stocks to get back to their previous highs."

"In this sort of cycle where the global uncertainty is there, there is a local slow down, so chances are that defensives or things which have low downside are much more likely to do better than things which were doing well last year." 

Disclosure: I do not have a personal holding in any of the stocks discussed.