Entering the stock market can be risky for new investors currently due to the prevailing uncertainties triggered by global uncertainties, according to Ajay Srivastava, managing director of Dimension Corporate Finance Services.Cautioning over a possible "sharp correction" in the coming months, the market expert advised investors to decide their investment strategy over the "long-term outlook" instead of "market complacency".Speaking to NDTV Profit on Monday, he cautioned investors about weak domestic indicators, like just 4% growth in advance tax collections and historically poor April–June-quarter performance.“As RBI interest rates go down, people pump more and more into the equity market. But can you actually get a return from this investment over the next three to five years? Time will tell."But I still believe that your return is defined by your entry price. This, I believe, is perhaps the worst time to enter the market and start building portfolios," he said, advising investors to wait it out.Cautioning against the rush, the MD explained that the market doesn't always react rationally, and when corrections come, they can be sharp, as seen in past downturns.Not Geo Risk, But Equity Glut Could Stall Markets: Jefferies’ Mahesh Nandurkar"Markets are elevated, Pes (private equities) elevated, stock prices going crazy… smart money is cashing out. And in private market conversations, they just can't believe the bonanza they're getting," he added. "Remember this: smart money is booking profits. Institutional money is going out, and mutual fund money is coming in its place."Investors must decide whether to buy, stay out, or book profits based on their long-term portfolio outlook, not market complacency, he said.Investors may consider shifting their allocation away from equities. Assets like gold, silver and power transmission REITs, offering strong yields and liquidity, are now key parts of his portfolio, according to Srivastava. "Right now, the idea is to keep money in instruments that offer alternative returns to equity."The current environment, he said, demands caution and diversified, income-generating investments over fresh equity bets.On the outlook for the defence sector, he cautioned against jumping blindly into defence stocks, especially in India. "I would say the companies are going to be here, the world isn't going to fall apart, so be patient.""Defence valuations are extremely high (PEs over 100) and returns are unlikely to be sustainable. The theme is good, but even many defence mutual funds have struggled," he added. "You'll always get opportunities to enter at better prices."WatchDisclaimer: The views and opinions expressed by the investment advisers on NDTV Profit are of their own and not of NDTV Profit. NDTV Profit advises users to consult with their own financial or investment adviser before taking any investment decision.Closure Of Strait Of Hormuz Is An Immediate Concern To Markets, Says Standard Chartered Bank's Steve Englander. Read more on Markets by NDTV Profit.