Experts warn mkt may slip more: So, which stocks to bet now

Moneycontrol Bureau

It's been a scary start to the week with the indices suffering deep gashes. The broader markets lead the fall and the global markets too did nothing to help. From a peak at the 5,600 level last week, the Nifty tumbled all the way below the 5,300 today losing over 148 points. Indian equities underperformed global peers today. The Sensex fell 477.82 points or 2.67%, to close at 17,445.75 led by selling in 28 stocks.

Meanwhile, the Nifty lost 148.10 points or 2.73% at 5,281.20, extending from previous week's 2% loss. European markets were down 0.7-1% while the Dow Jones futures dropped over 50 points.

So, is this just a beginning of a deep wound?

Investors and expert are nervous and worried that the pain may last a little too long  than anticipated. Sudarshan Sukhani of s2analytics.com warns that the decline could go longer in terms of time and the correction is probably going to be fairly deep.

Agrees Ambareesh Baliga, COO, Way2Wealth that it will last long as in the last week there was no broader participation and no bull rally can actually last too long without it. Baliga suggests buying at around 5200 partially and then buy most of whatever one wants by the time the market comes down to 5000 levels.

Nirmal Jain, Chairman, IIFL echoes a similar sentiment pointing out that oil prices have firmed while rupee is at an all-time high which may add up to dampen the rally for long.

Though the correction was expected it