Pankaj Murarka, the founder of Renaissance Investment Manager, has expressed his belief that the Nifty index could decrease to the range of 22,000-22,500, which he considers to be a fair value for the markets.

Murarka predicts a modest earnings growth of approximately 7 percent for the current financial year, which is significantly lower than the initial estimate of 14 percent.

Murarka has voiced concerns about the Indian economy, suggesting that it is currently going through a cyclical slowdown that may persist for the next 3-4 quarters. He has also expressed apprehension about the stability of mid-cap and small-cap stocks in the midst of a broader market correction.

Furthermore, he has discussed various sectors and stocks that he is optimistic about, as well as those that he believes may underperform, considering potential global trade tensions with the new U.S. administration.