With Indian markets swinging between gains and losses, one seasoned market expert is cutting through the noise with clear calls on where investors should, and should not, be putting their money right now.Dipan Mehta, Director at Elixir Equities, spoke to ET Now about navigating a volatile market shaped by earnings season uncertainty and the ongoing Iran-US conflict, sharing his views on everything from oil stocks to electric vehicles.Forget the index, go stock specificMehta's first message to investors is simple: stop watching the Nifty and start watching individual companies."Right now, at least what we are looking at is more of stock specific action," he said, adding that a broader market rally is unlikely until the Iran situation finds a resolution. Companies reporting strong earnings deserve fresh attention, while those delivering weak numbers may be worth exiting, he advised.Avoid oil marketing companies for nowWith crude prices swinging on every headline out of Washington and Tehran, Mehta is steering clear of oil marketing companies such as HPCL and BPCL for the time being.You Might Also Like:He noted that a deal between Iran and the US could bring oil prices down by $15 to $20, which would reduce the pressure on these firms. Until that clarity arrives, however, he recommends investors wait and watch. His more interesting bet within the energy space is upstream oil producers like Oil India and ONGC, which he believes could receive government support in the form of fiscal incentives and lower royalties to boost domestic exploration activity.EVs are the smart bet within autoMehta is cautious on mainstream auto companies over the next four to six months, citing unfavourable base effects and the risk that higher fuel prices and interest rates could dampen consumer demand for vehicles.However, he sees real opportunity in auto ancillary companies focused on electric vehicles. He specifically highlighted Sona Comstar, where nearly half the revenue comes from critical EV components, and Samvardhana Motherson, which he described as effectively neutral to the EV transition with strong recent numbers. For small-cap exposure, he flagged SJS Enterprises, which makes auto decoratives and is growing its content value per vehicle across both two-wheelers and four-wheelers.Banks are a red ocean; look at NBFCs insteadPerhaps his most pointed view is on banks. Despite large banks trading at seemingly attractive valuations, Mehta believes the sector is becoming increasingly competitive and difficult to profit from.You Might Also Like:Growth rates at the top four or five banks have stagnated in recent quarters, he said, net interest margins face pressure, and competition from NBFCs and mutual funds is intensifying. His recommendation is to play the lending theme through multi-product NBFCs rather than traditional banks.Find the innovators hidden inside every sectorFor investors looking for diversified plays, Mehta offered an interesting framework: within any large sector, look for companies doing something genuinely different.His examples included CarTrade for the pre-owned vehicle market, Medi Assist for health insurance processing, and fintech platforms such as PB Fintech and Paytm for exposure to lending without the baggage of a traditional bank balance sheet.The bottom line: Mehta's overall message reflects a market that rewards selective thinking over broad index bets. With geopolitical uncertainty keeping sentiment fragile, the clearest opportunities lie in EV supply chains, upstream energy, innovative sector plays, and NBFCs — while banks and oil marketing companies remain on the watchlist rather than the buy list.