Extremely cautious on 'over-owned' FII stocks: Harendra Kumar, Elara Capital

In a chat with ET Now, Harendra Kumar, Managing Director-Institutional Equities, Elara Capital shares his outlook on Nifty. Excerpts:

ET Now: Given the way that how outflows have started for Indian markets do you think in the short term Nifty is poised to go lower and if lower how much lower?

Harendra Kumar: It is going to be a highly volatile phase for the market and looks to trend lower.

We have to be extremely wary on stocks where ownership of FIIs are very high and those would be private banks, a few pharma stocks and IT stocks.

So, the market correction seems to have begun and from here to probably May or little longer it would not be unfair to expect a minus 10% from.