Market correction imminent, may happen in January: IIFL Securities' Sanjiv Bhasin

Sanjiv Bhasin.

It is a good time to withdraw money from the Indian stock markets or 'take some money off the table' as correction in the markets is likely to happen in January, said Sanjiv Bhasin, director at IIFL Securities.

"If you've had a very good spell in the last four months ... it is good time to take some money off the table, particularly some of the PSUs," he said in an interaction with CNBC TV18. "And wait for correction which is imminent, which may come in January".

Meanwhile, Bhasin still believes that a bit of an upside is yet to be seen in the stock market where the Nifty 50 may hit 18,800-18,900 points. The Nifty index hit a new peak on November 28, with many stocks seeing new 52-week highs.

Bhasin also criticised foreign institutional investors who sold stocks aggressively when the Nifty hit 15,500 points, as he believes that 'the best market or the best player in town is India'.

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However, he suggests market participants should start to book profits on their existing investments and 'sell the greed as now the greed is evident'.

"This is the day, this is the time you must start to book profit," he added. "Definitely take some money home because this is not the time to keep being adventurous".