The markets have been correcting very sharply over the last couple of weeks. Edelweiss Securities' overall view on the market remains bearish to negative, said Vikas Khemani. "We are still not in favour of equity markets at this point in time as the risk-reward of equity continues to remain weak," he added.
TS Harihar, derivatives analyst at ICICI Securities tells CNBC-TV18 that the irrespective of what happens as an outcome of the EGoM, oil marketing companies (OMCs) appear to be in a sweet spot now.