May be 2-5% away from bottom; time to accumulate: Pros

The Nifty intraday crucial support level of 8000, independent market analyst, Rakesh Arora says the Indian equity seems to be caught in a global trend where there is a risk-off trade happening and emerging markets are seeing a sell-off.Domestically, exaggerated fears of demonetisation, uncertainty about Q3, Q4 earnings outlook is also keeping the market on tenterhooks.

It is likely that we are 2-5 percent away from the bottom, so it is right time to start buying, believes Arora.

Currently, with the market correcting significantly, the PE multiples are hiding the amount of destruction in good quality names, while cyclical are going up.

However, with the onset of New Year, one could see foreign institutional investors start to reallocate.