Manish Chokhani of Enam Securities believes that we are in a long secular market. He expects to the markets to be up 20% from current levels. However, he suspects the pain in the market to get a bit worse before it gets better and hopes that things will get overshot like they always do on the corrective side.

In his view, 2007 is a defensive year where people want to hide but in the next quarter or so, the more aggressive people will start getting valuations where one can buy stocks, which can give 50% upside on a 12-month basis. However, he feels that one will not find that in blue chips, which are recognized as being stable and secular but in other stocks.

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