There is a bearish sentiment in the stock markets and it is important that investors do not get hassled at the moment, said Deven Choksey of KRChoksey Securities in an interaction with CNBC TV-18.

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"Panic does not long, patience does," he further said.

“The question we ask ourselves is whether the business model is right, whether they have the management in place and whether their resources management is proper. If the answer is yes, then we stay on as far as our investment is concerned and that is what we recommend to investors,” he added.

He also spoke about specific stocks and sectors.

On HDFC, he said, “A bank of this size is definitely prepared for the next level of management and the change which is happening...We will keep a close watch on the aspects of who takes over and how it runs into the successful transition. But fundamentally, the business of the bank remains strong. The bank is probably geared up for the next level of growth in the country. So, certainly investment outlook would not change because of the change in the management.”

Speaking about the consumption space, he said that some of the good companies will not get affected because their business situation does not change.

Deven further said that we are advising clients to stay away from non-quality stocks and keep money in quality stocks. “Our preference has been with the Bajaj twins, our preference has been with HDFC twins. We have been putting our recommendation on Reliance Industries as well given the kind of correction. So, these are the few names which we continue to recommend to our clients. We believe that with the improvement happening, banks like ICICI Bank, Kotak Mahindra Bank would also be the case to add into portfolios,” he added.

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