Prefer BEL: Neeraj Dewan

Neeraj Deewan of Quantum Securities told CNBC-TV18, "In midcaps, you are not seeing corrections of 15-20 percent that would have happened when the market corrected by 5 percent. So I am still ready to buy midcaps. Definitely we are looking at lot of names which are correcting now. There is housing finance companies which are correcting. I think some more corrections will give us good opportunities. The defence names like Bharat Electronics Limited (BEL) is where we have seen a decent correction. Some more corrections there and one should look at that sector again. Then there is logistics space which hardly run up a lot. There also we are covering stocks like Transport Corporation of India (TCI) or a Gateway Distripark (GDL) where any correction would be a good buying opportunity. So, there are opportunities which will come, but it is better to wait some more time and see them correcting than to see then to start buying them right now."

"I think that will depend on individual opportunities like BEL, which was corrected from a Rs 4,000 to Rs 3,200-3,300, if it corrects by another 10 percent it would be a good opportunity. It will be both stock specific opportunity. If you see any earning improvement happening in this quarter, which will support the valuations, then that will also be a good opportunity. So, I will at least wait for this quarter number or if we see some decent corrections, if we have a decent multiple in a housing finance company, depending on their size, then definitely they will be looked at that particular valuation. So, it is more stock specific," he said.