New Delhi, April 24 -- Shrikant Chouhan, the head of equity research at Kotak Securities, believes that while the worst may be behind and valuations have turned attractive, elevated crude oil prices remain a key challenge.

"For the rally to sustain beyond 25,000 and extend further, crude prices need to cool off to around $70-75 per barrel," Chouhan said in an exclusive interview with Mint.

As uncertainties persist, Chouhan says one should prefer large-cap companies, which are better positioned to withstand volatility and offer stronger stability for long-term investors. Edited excerpts:

Based on the current market performance and broad-based participation, I believe the market has already seen its worst phase.

When the Nifty was aroun...