Correction in offing; book profits: Ambareesh Baliga

The market seems to be taking a breather post the rally. The Sensex was down 244.48 points or 0.9 percent at 26816.56 and the Nifty slipped 63.50 points or 0.8 percent at 8042.00.Ambareesh Baliga, independent market expert feels it is time to book profits off the table because a correction is in the offing. However, it is not necessary that one sell the entire portfolio, adds Baliga. Baliga says, "My portfolio is about 19-20 percent in cash right now because I see a correction. It could be possibly 15 days, it could be two months later but it is high time that you had a correction. If we don’t have a correction you will not have investors coming in, in a big way especially the retail. Unless that happens you can’t have sustained rally."Sudarsha Sukhani of 2analytics.com too thinks the market is weakening and advices against trading in midcaps as of now. At the close of trade, Cipla, Hero, Dr Reddy's Labs, HDFC Bank and Infosys were top gainers while Hindalco, Tata Steel, ONGC, Sesa Sterlite and Coal India were among the laggards.For more on stock views of Ambareesh Baliga, Sudarshan Sukhani and  Mayuresh Joshi, VP- Institution, Angel Broking LtdMayuresh Joshi, VP- Institution, Angel Broking Ltd watch video