Expert view, April 24 -- Paresh Bhagat, CIO of Veer Growth Fund (AIF), and Chairman at Mangal Keshav Financial Services, believes elevated crude oil prices are key risks for the Indian stock market.

"As long as oil remains elevated, the correction risk in India isn't fully behind us," said Bhagat in an interview with Mint.

Beyond the geopolitical headlines, Bhagat said the more important things to track are crude prices, the direction of the rupee, and how FII flows are evolving. Edited excerpts:

It's still a bit early to say that with conviction. The market has already recovered meaningfully from the panic phase, and valuations are no longer as attractive as they were about 10 days ago.

The bigger concern is that geopolitical signall...