of uncertainty in the global markets so if you look at the asian or emerging markets they have not been very stableet now so what is the worst case scenario that we could stare at because some analysts are also talking about levels of 55 with the dollar in the near term considering the rbi has pretty much run out of tools to control liquidity as well as the currency situationnirmal jain yes 55 is quite in sight in fact 55 seems not too far but if you look at one year even 58 or 60 is a level which is not impossible to think of there is a huge structural problem in terms of our balance of payments you may have a burst of flows from nris the way it happened 23 months ago when deposit rates or interest rates were increased but those capital or nri inflows cannot address our trade or current account deficitthe government needs to really take some significant measures here and curb imports on the one hand and boost exports on the other so from this perspective the market is worried but the positive aspect is that exportoriented companies or companies that earn in dollars will tend to benefit from thiset now but what is the worst case scenario that the market could stare at after a breach of 5100 todaynirmal jain the market can look at 4950 in nifty that scenario cannot be ruled outet now there is an old maxim in the market which is good news and good bargains do not come together for investors who are sitting on the sidelines who have not participated in this calendar year should they use every decline to their advantage to load stocksnirmal jain i have been talking to you in my earlier interviews that in a market like this good news and good bargains do not come together and if you look at fmcg and pharma stocks they look expensive they do not look good bargains on pe multiples in fact they have been safer investments and safer portfolio choices and they also give us superior returns one may build a portfolio in the it sector and in very select companies in a market like this this is a safer thing to doet now i remember this conversation we had on the same forum exactly a year ago and that time you had recommended our viewers to buy two stocks itc and bajaj auto my compliments both stocks have done reasonably well what are your top ideas for fy13 nownirmal jain i would say may be you can continue with itc but you can add wipro instead of bajaj auto because the auto sector will not be as good as we have seen in the last couple of years so one can shift from auto to it and pharma stocks like lupin or itc continue to be good and we can look at wipro or hclet now why wipro and not tcs