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“If the commodity prices cool off, it will be beneficial to India but as of now, I would look at it more like a technical bounce back after so much correction and we need to see how things pan out because there is still uncertainty over monsoon. In the long term, things are fine but in the near term, turbulence can still be there.”

The veteran market expert, who tracks EMs closely, said for foreign investors to return to India, there should be clear signs related to easing of inflationary pressure and Indian companies need to post strong earnings.

Last week, the Federal Reserve raised its benchmark overnight interest rate by three-quarters of a percentage point - its biggest hike since 1994 - to a range of 1.50% to 1.75%, and signaled its policy rate would rise to 3.4% by the end of this year.

Obviously last week the auto companies did very well. I will prefer to pick Maruti on the passenger vehicle side as the stock has already moved up 6-7% in the last week and there could be some more upside in this stock as the valuation looks interesting and quite comfortable at these levels.

Nifty oscillated 558.15 points before closing the week with gains. The index also went on to hold some important support and that makes the coming week quite interesting and crucial. After a predominantly positive behavior, the headline index Nifty 50 ended with a gain of 405.75 points on a weekly basis.

Shor believes successful investors have the skill to be wrong most of the time and still make money as their performance is largely dictated by what they do after they buy a stock and how they deal with both losing and winning positions over time.

“We expect that the leadership of the market might shift going forward. Everything goes through a cycle and we believe that there is a possibility that this cyclical shift will lead to change in leadership with very different segments of the market performing better in the future as compared to the past,” said Rushabh Seth.

In an interview with ETMarkets, Kothari said: “We could see NIFTY heading towards 16000 – 16200 mark in the coming weeks. But, this zone would be a tough nut to crack since that is a gap area on the daily time frame.”

A chunk of the S&P 500’s loss was rolled back over the holiday-shortened week, with the index surging more than 6% as a report showed inflation expectations eased. Stocks are still stuck in a bear market after falling as much as 24% since January, weighed down by concern interest-rate hikes by the Federal Reserve will thrust the economy into a recession.

The Fed’s plan of quickly getting its benchmark rate to 3.5% to 4% “should create an upfront tightening of financial conditions which will quickly bring inflation back to target,” Managing Director Kristalina Georgieva told reporters.