Market expert Dipan Mehta said in an interview to CNBC-TV18 that he is bullish on the likes of Nykaa and Zomato. He has a positive view on platform companies, especially profitable ones. On his radar are IndiaMART, Affle India and Route Mobile.

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However, his advice of buying Nykaa and Zomato now comes with a word of caution: "Do not bet the bank on it but small buildings."

Such companies will enable investors to understand the business model of new-age companies, a space he believes the future wealth creators will hail from. "This is the best time to buy into them (new-age business stocks)," said Mehta, Director at Elixir Equities.

His bullish view on new-age companies is contrarian to that of most big voices of Dalal Street who are sceptical of the growth prospects of the space.

"You can go down the line... I think in every sector, there will be one or two companies that are doing something different and are market leaders or have got a different business model... The stocks that created huge wealth over the past 24 months are the ones that you need to target," he said.

Stocks of many new age stocks, such as Paytm, PB Fintech and CarTrade, have failed to sustain above their issue price. Zomato has regained some ground after slipping below its issue price briefly this month.

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Persistent selling pressure in new-age companies comes as investors recently began dumping technology and platform company stocks, mirroring the trend on the Nasdaq. (Why investors are dumping technology co stocks)

Within the software space, Mehta is positive on companies present in niche verticals, such as Tata Elxsi and Intellect Design.

Hemang Jani of Motilal Oswal Financial Services prefers stocks "in the known space", large-caps in particular, to listed new-age businesses.

"We have seen many new-age companies correct by about 30-50 percent... When liquidity dries up, people will not be comfortable with high PE (price to earnings) names in particular, where the performance is not coming through. However, the floating stock for names like Nykaa and few others is very small, so there may not be a wide spread kind of sell-off,” he told CNBC-TV18 on Monday.

In January, independent market expert Shankar Sharma - known more for his aggressive bearish calls than bullish ones - said investors should not be surprised if new-age tech companies fall 80-90 percent by the end of 2022.

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(Edited by : Akanksha Upadhyay)