Expert view, June 2 -- Mittul Kalawadia, Senior Fund Manager at ICICI Prudential AMC, says it can't be said that the worst is behind for markets unless the US-Iran conflict is completely over. In an interview with Mint, he said he is closely watching key macro triggers, including liquidity and how bond yields evolve globally and on the domestic front, the rupee's trajectory, as they will dictate the market trend. Among the sectors, he is positive on banking and certain pockets of discretionary consumption. Edited excerpts:

Whether the worst is behind the markets is difficult to say unless one is certain that the US-Iran conflict is completely over.

At this stage, that certainty does not exist. If the Strait of Hormuz does not fully reop...