Refrain from putting fresh money into markets: Ambareesh Baliga

A correction is underway in the market, says Ambareesh Baliga, Market Analyst. So he suggests not putting any fresh money into the market. Investors should sell at around 9,000 levels as the market would become too overpriced, he says. Then they should reinvest their money when market declines to 8300-8400 levels.The markets have run-up quite sharply and a correction is likely, he says. He recommends retail investors should look to invest with a long-term perspective or else bottom-up stock picking. The next big trigger for the markets is going to be when the government finally settles for a standard GST rate, says Nirmal Jain, Chairman, IIFL. He says there may be no other "big catastrophic event" in the near future.He likes the cement and infrastructure segment due to a spike in demand in the housing sector. He is also bullish on fast-moving consumer goods (FMCG) sector, two-wheelers and the agriculture segment due to a good monsoon. 
The market saw a considerable amount of profit-booking, ending below the 8700 mark ending at 8678.