Neeraj Chadawar, Head of Quantitative Equity Research at Axis Securities, identifies Ethos, Trent, Varun Beverages, and DOMS Industries as stocks with limited earning downgrade potential. He notes that upcoming state election results, US policy changes, and global economic indicators may contribute to volatility in the Indian equity market. Additionally, he suggests that large-cap private banks, telecom, selected consumption, IT, and pharma sectors offer a better margin of safety in the near term.