Markets May Fall Further; ONGC, Oil India, Defence Stocks Seen As Key Opportunities

In a cautious assessment of the Indian equity markets on Business Today, a market expert warns of a significant correction ahead, drawing parallels to the 2008 financial crisis. The analyst notes that the Nifty 50, which peaked at approximately 26,374 in January 2026, has already seen a sharp decline, including a 500-point drag in a single session. The expert identifies the 23,850 level as a strong resistance point and predicts that the index could slide to 21,500 before potentially hitting 20,200 by October 2026. While the outlook remains bearish for the near term, opportunities are highlighted in upstream oil companies like ONGC and Oil India, as well as the defence and energy infrastructure sectors. Conversely, investors are advised to avoid tires, paint companies, and petrochemicals. The expert suggests that while technical bounce-backs may occur, a sustainable long-term buying opportunity is unlikely to emerge until after October 2026, advising investors to brace for further pain and use rallies to exit positions.