2018 is going to be a tough year and the key is to protect capital, said Sridhar Sivaram, investment director, Enam Holdings. "Market has run ahead of fundamentals and volatility is causing a lot of damage," said Sivaram.

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The way the macros are positioned currently is more worrying for the market than politics, he said, adding that crude definitely remains a big worry along with all other macros.

According to him, in situations where macros are deteriorating and volatility exists, it is better to have a stock specific approach. "It is better to bet on specific stocks than bet on what will happen to the market."

Sivaram further added that investing opportunities could be found in the consumer space.

He is not upbeat on the housing space within the NBFCs because most of them are camouflaging and are not pure mortgage players.