Rakshit Ranjan, portfolio manager at Marcellus Investment Managers, is of the view that overall the market is a little ahead of fundamentals but there are stock specific ways of making money over a 2-4 year period.

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The run up in the last 3-5 years happened without a corresponding increase in underlying earnings, so at a broader market level valuations, prices have run ahead of fundaments but whether that results in correction in the market levels or results in no movement from here on whilst earnings catch up is not sure if one can ascertain, according to Ranjan.

"We are advising clients to buy into companies at a stock specific level where fundamentals have matched run up in prices and so you are not sitting without any fundamental support," said Ranjan.

“Our approach towards investing is that we want our clients to compound wealth with very low volatility but autos as a sector is inherently very volatile space, especially the larger ticket or commercial vehicle side. In addition to that there has been intense competition over the last two years and so it would be good to time for Ashok Leyland or Maruti and make money for clients,” he said, adding: "Since we cannot now get in at lower levels and get out at higher levels, we do not have any auto stocks in portfolios of clients.”

Talking about Page Industries, he said the growth momentum has moderated from 20 to 30 percent revenue growth momentum historically. Over the last 12 months they have grown by only 12 to 14 percent on an annual basis and out of the last 5-6 quarters, 1-2 quarters have seen no growth in their revenues.