Ajay Bagga, Market Expert told CNBC-TV18, "In a downward momentum first priority should be that stay on the sidelines, keep your cash intact, you will get lower levels, that is my conviction. Second if you have to nibble at something now, I would still say the dollar beneficiaries like IT pharma. IT valuations look very good now and a lot of that has got baked into the price. In pharma again the whole generic story and the off-patent story is huge. So the pharma industry in India will be a big beneficiary."
"I would stay with pharma both in large cap as well as the midcap and third would be private banks. You are getting them at cheap levels, I would still not look at FMCG. Cement used to be a call for us in the last quarter of last year, we thought volumes are increasing but last four months have been disappointing and the latest numbers are showing even April is a year-on-year decline in volumes. So cement could have been a play if you had seen some revival of projects, that is not coming through, so we would stay away from cement and infra for now," he said.
"Very long term buys could be some infra but there is a lot of uncertainty and you will probably get lower levels. So you can wait out and then buy some infra. Eventually it will pick up but right now you are better served with IT, pharma and private banks."
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