Stay out, a further crash is coming: Baliga

Ambareesh Baliga, chief operating officer of Way2Wealth joins CNBC-TV18 to give his outlook on the market today. He advises staying out of the market now. "If Nifty breaks 4700, then we could easily see it breaking another 400-500 points," he says. 

Baliga says rupee will the main reason for the downtrend if it all it happens. "In that case, sectors dependant on import will be hit maximum, although the rally down is likely to be led by banks and capital goods," he says.  Below is the edited transcript of the interview. Also watch the accompanying video. Q: Do you think Nifty is going to break 4700 this time or do you expect 4800 support to hold out through the November-December series?
A: That is the most important level which we need to wait and watch out for because if you look at stocks individually, quite a few are quoting the indices at 3500 levels, not even 4200 levels. So 4700 is going to be just a psychological level, but it