The strong story of financials and private banks will continue and money is moving towards IT, FMCG, consumption stocks, said Atul Suri, CEO, Marathon Trends-PMS.

Suri believes that we are still in a bull market and said he won’t call this current correction as a bear market.

"The carnage in the midcap space is because of the excesses in the midcap space are getting corrected," Suri said.

Nifty is likely to see a 10 percent upmove by end of this year but the fact is that most people will not be able to participate in that, according to Suri.

"Technically speaking, Nifty is in a triangular kind of pattern, which is the reason for the optimism on it," he added.

In midcap space, he said it is unlikely that the index will keep falling at the current rate but the bounce back may not be across the space, it will be very selective.

The support area for crude is around $71-72 per barrel and in case it falls below these levels then there could have a clip-off of about $8-9, which could be very positive for India, Suri said.