Gautam Shah, founder and chief strategist at Goldilocks Premium Research said that he expects things to get back on track in the second half of April.

On investments, he said that IT and pharma are looking good.

“Stocks in the banking space, autos and capital goods are on the weaker side and there could be some opportunities on the short side. However, on the buy-side, we are more concerned about the defensives. IT, pharma and FMCG could standout and probably the places where investors can hide," he added while speaking to CNBC-TV18.

“Reliance Industries has come back. It is standing out and it is sticking to the level of Rs 2,000. I do not see too much negativity there. It could see a bit of volatility but the area around Rs 1,900 looks like a floor and once it passes Rs 2,050, I think it will move back towards a lifetime high. So, IT and Reliance are the two pockets of the market that will take it higher whenever that rebound happens in a couple of weeks’ time,” he said.

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Disclosure:

Network 18, which publishes cnbctv18.com, is a part of the Reliance Group.

(Edited by : Anshul Majumdar)