Bottomfish in this market?

Should you be lapping up good stocks at the current levels? Markets have corrected by almost 8% in the last 4 trading sessions. Most of the good stocks have been down between 10-20%. Should you then buy in the current market? Indiabulls Securities’ CEO Divyesh Shah says, “If you are holding a good stock in your portfolio, keep it. It is not advisable to bottomfish in these markets. From what we see now, volatility is so high, it wouldn’t take even five minutes to wipe out a sizeable portfolio. Maintain status quo would be my advice to clients,” Mr Shah added. I agree with this sentiment completely. Unless the FM gives some clarity on the P-Notes issue the uncertainty might continue with FII selling off majorly. But there is a strong argument against this as well. Since the fundamentals are still the same this is only a short term blip and investors can use this opportunity to pick up stocks from a long term perspective.