Chirag Setalvad of HDFC AMC believes the market is in a dangerous zone, with certain segments being expensive but not in a bubble. He urges caution and a conservative approach, emphasizing the importance of asset allocation and a stock-specific strategy. Valuations have moved up, there is a lot of frenzy which is visible in certain pockets of the market, too much retail participation, too much primary market activity and hence there will be a meaningful correction.