At high valuations the market is vulnerable to sharp corrections and this happened yesterday. Two trends are important: one, the correction in mid and small caps is almost double the correction in large caps; two, DIIs turned big buyers towards the end of the trading day. The vulnerability of the mid and small caps to correction remains since the valuations are excessive. Large caps will witness buying on declines. Investors can wait for the market to stabilise and buy high quality large cap stocks on declines.