Let me first talk about sectors that will take much longer recover. For example, auto has structural issues as does capital goods so they could take longer to recover. Similarly, metals are very dependent on capital investment by China and that could still be some time away. There again you need to be careful. However, banking is more closely linked to the economy and it could bounce quickly. Also, pharma could see a bounce as the generics makers could benefit from greater opportunities to manufacture and test. Lastly, even the FMCG sector looks good as it has been least impacted and could largely benefit from the large liquidity infusion to the lower income groups. But the real idea is to look for specific stocks that have strength but have corrected sharply. This could be stocks like HDFC Bank, Bajaj Finance, Reliance Industries etc. A stocks specific approach should work better.