Raamdeo Agrawal, the co-founder of Motilal Oswal Financial Services, believes in flowing with the market, irrespective of whether they are at a high or a low.

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"Whenever markets are high I tend to be bullish in mind and whenever it is low I tend to be low. So I flow with the market, though my portfolio remains 100 percent invested in low as well as high," said Agrawal told CNBC-TV18 on Friday.

“My sense is everything is like a pendulum; the foreigners went from high to low and domestics went from low to high. Now the domestics are coming from high to low and the foreigners are going from low to high. So it’s cross pendulum,” he added.

Talking about the growth slowdown, he said, “All kinds of things happen in the economy. These are phases; we had IBC process underway, we have RERA underway, we have GST underway, we had aftereffects of demonetization, people are scared of carrying cash. The structure of the economy was built in 60 years and now there is a lot of positive change in the last 4-5 years. So the entire economy has come to grip with the new rules of the game.”

On the stocks front, Agrawal said, “ITC, I would definitely recommend that you must hold on if you are holding on. It’s the best category anywhere in the world, in India also, in terms of wealth creation.”

Disclaimer: Motilal Oswal is the launch partner of CNBC-TV18.