The BSE Sensex has shaved off a whopping 3500 points since May 10, when it touched it's all-time high of 12624.17 points. Analysts give some blind picks to buy now and sectors to watch out for.

Speaking to CNBC-TV18, Jaiprakash Sinha of Kotak PCG said, "We have suggested our investors to be with Reliance Industries [Get Quote], ONGC [Get Quote], GAIL within the oil and energy pack. However, we have recommended them to stay away from others in this pack at this point in time."

Some of his blind picks in this market include heavyweights such as SBI [Get Quote], ICICI Bank [Get Quote], M&M, Infosys [Get Quote], and ACC. "However, the caution is not more than 20 per cent at this point," he said.

Sinha is also positive on sugar stocks since the fundamentals of this sector are still intact.

"We are picking the stocks and suggesting our investors to look at sugar because fundamentally nothing has changed and these companies are expected to post profits, which are decent not just from the sugar side but also from ethanol and power. Fundamentally, there is no change and we continue to back it," he replied.

Technical analyst Ashwani Gujral, however, advises caution to investors and recommends staying away from the banking pack. He told CNBC-TV18, "Banks were weak even before the bear market started. In a rising rate situation, banks will go to lower levels."

He believes that there is still some downside left in the banking stocks.

"ICICI Bank could go to Rs 380 levels. PNB could go as low as Rs 300. So there is no point talking about levels in such kind of market because everything is getting painted with the same kind of brush.

You just need to wait for the market to stop falling, get above at least the 200-day moving average. After that one can buy a bit because one could easily go down another 1,000 points with the valuations getting more and more attractive and one will end up losing money if they invest at these levels."

Sensex Rise and Fall: Complete Coverage

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