Bank Nifty an exhausted index; like PowerGrid: Experts

With the global scenario not quite okay yet and monsoon 16 percent below normal, coupled with the stress that rural India is facing, it is rather difficult to predict a bottom for this market, says Parag Thakkar of HDFC Securities. So except the greenshoots in road and power sectors, everything else is a bit of a risky bet, he told CNBC-TV18. He advises investors to avoid expensive and over-owned stock.

On Bank Nifty, market expert Ajay Bagga, says it is difficult to call when there is such a big event ahead. He says fundamentally nothing has changed in the last three days and irrespective of the decision, it is an exhausted index.

Kunal Bothra of LKP Securities too is advising clients to hold a light or hedged position as far as banks are concerned, though he adds that some of the PSU banks have recovered rather sharply because of the beta it carries.

Stock-wise, Thakkar has been bullish on Power Grid and NTPC for a while now. He also likes Bharat Forge on the back of its order pipeline, management, debt management, among others.