Bharat Iyer, head of India Equity Research at JP Morgan, spoke to CNBC-TV18 about the market fundamentals and shared his outlook on select sectors.

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“In terms of our forecast for the Nifty, we had a June target of 11,500-12000. The Nifty went there but pulled back because of global sell-off. So, medium- term still constructive on the market, near-term there could be factors that create volatility,” Iyer said on Friday.

From a sector perspective, "Banks look good within the financials and the other space that looks good is materials like steel and cement", said Iyer in an interview with CNBC-TV18.

"The house has been positive on the cement space for some time now and would continue to be buyers there," said Iyer, adding that volume growth for the sector has been good.

On the elections front, Iyer said, "Elections are important from a near-term perspective in influencing sentiment and from the medium-term point of view in terms of policy. If the incumbent government gets voted back then it is likely we would see a relief rally."