Dipan Mehta, Director at Elixir Equities, said during an interview with CNBC TV-18 that he is confident about Indian markets and corrections in the market would be mainly triggered by the trends in the global markets. Mehta added that Indian markets are strong and there are many opportunities in certain sectors and stocks for long term investors.

Many market participants are concerned about higher valuations of Indian stocks. Many companies have been touching all-time highs for the last few weeks and over-stretched valuations have led to anxiety among some market participants. Mehta believes there is not much to be worried about now when it comes to the Indian market.

"I don't think that we should be worried about the market at all, especially when there are global issues and our market is falling because of a correction in global markets. Those prove to be the best opportunities so long as corporate earnings remains strong," he said in an interview to CNBC-TV18.

India is a growth story for long term and a strong recovery from COVID-19 led lockdowns can keep stock prices firm, many market analysts believe.