“There is valuation risk in the market even though markets are down around 2,000 points in terms of Nifty. No one actually knew that crude is going to $120. We are still going to see some margin squeeze and growth could get impacted going forward. I would think that this is the time to be cautious and we cannot say that just because price action of 2,000 points has happened in the Nifty. We could still see some further downside over the next few weeks.”
