“No one can predict which asset class will do well. For 99% of people, the best thing to do is diversify and stay invested during the good times and the bad,” Kamath said in a post on X.
The comment comes against a backdrop of sharp market weakness and rising uncertainty. The Nifty has slipped below key psychological levels, extending its recent decline as geopolitical tensions in West Asia continue to weigh on sentiment. The index closed below 23,000 last week and has since deepened losses, falling 488 points or 2.14% to end at 22,331 on Monday.
Foreign investor behaviour has added to the pressure. Overseas investors have pulled out Rs 1.14 lakh crore from domestic equities in March, marking the worst monthly outflow, as rising crude prices, a weakening rupee and global risk aversion triggered a shift away from emerging markets.
Analysts say the near-term trend remains fragile. Dharmesh Shah of ICICI Securities said a meaningful pullback would require the Nifty to reclaim its short-term moving average and establish a higher high–higher low pattern on weekly charts. Without that, the risk of a prolonged correction remains, with deeper support levels coming into focus.
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Technical indicators are also pointing to continued weakness. Bajaj Broking noted that the index has formed consecutive bearish patterns, suggesting continuation of the downtrend, with volatility likely to stay elevated amid currency weakness and oil-linked pressures.
The broader macro setup has also turned less supportive. Elevated crude prices are increasing concerns around inflation and the current account deficit, while the rupee’s depreciation is adding another layer of stress. Together, these factors are reinforcing a risk-off environment for equities.