Vetri Subramaniam, group president and head-equity, UTI AMC said the old rule of 'buy low, sell high' still remains valid.

“One of the strange things about investing is that to make a lot of money, sometimes you need to have a lot of concentration but to stay rich, you need to stay diversified,” he said.

According to him, stocks picking eventually matters and nobody in the market should forget that.

“To me the whole run up into 2000 when the IT stocks went bizarre and the meltdown after that-the two things which stood out for me at the end of that experience were – a) valuations matter, it doesn’t matter how great the story looks and b) at an individual level asset allocation matters,” he said.

“The market can be irrational at times, get used to it,” Subramaniam further mentioned.