Long-term invt should start cherry picking now: Experts

He expects the Sensex to fall by another 10% from current levels.

Nischal Maheshwari, Executive Vice-President of Institutional Equity, Edelweiss Securities, expects the Nifty to trade rangebound between around 3,800 on the lower side and around 4,300-4,500 on the higher side in July.

According to Maheshwari, if the government survives this fallout, it will be in a position to take stronger measures. "So, some reforms, which has been stalled for the last three-four years, could come in the next seven-eight months. That would be a trigger for this market to recover a bit."

Rajat Bose of rajatkbose.com doesn't expect to see a sustainable bounce in the market unless the Nifty crosses 4,093 decisively on the upside. "If 3,842 is broken decisively, it would mean a fall of another 200 points on the downside."

According to Bose, the markets are trading rangebound. "Investors should refraining from trading and rather watch from the sidelines."

Vijay Bhambwani of bsplindia.com sees pressure coming in closer to 4,075-4,100 on the Nifty. "3,848 Nifty is holding. I would take that as a swing reversal. As long as this support level holds, one can expect the markets to have a fighting chance of coming up. On the upside, I expect the overhead supply to cap the headroom on the upside and probably see pressure coming in closer to 4,075-4,100. At best, 4,100 is where I would like to take money off the table on any long positions that I would have."