Some stocks look attractive, but global issues persist: Mizuho

The Indian Nifty has slipped below the 7000 mark for the first time since May 9, 2014 and the Sensex too closed below 23000. But it is not just India that is taking a beating, European markets too have tanked more than 2 percent.

Tirthankar Patnaik of Mizuho Bank says the pain is much more global. But many of the stocks after a significant fall do look attractive and that makes one believe that it is a great buying opportunity, he says. But one must not forget that global issues, the genesis of this crisis, are still very much present, he told CNBC-TV18.

"We still have questions on what will happen to China, bottom for crude and supply gut (crude) has not ended yet. So the key questions that we began the year with, which led to the rout in the equity markets, still persist. From that perspective, we are likely to see more pain... Added to that, earnings season in the US where most companies disappointed and the pressure on large European banks in terms of liquidity add to the pain,"

However, Varun Goel of Motilal Oswal Asset Management says he continues to be a strong believer in good quality companies with underlying earnings growth. "We believe while in the short term there is a lot of pain, we see no reason why we need to change our conviction, there is no reason not to like high quality earnings stories," he explains.