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Go in and buy now: David Darst

The major averages are back in correction territory, but it is just an isolated storm that has provided investors with an opportunity, independent investment consultant David Darst said.

"This is a Miami, Florida, afternoon thunderstorm. It will pass. Go in, buy the market now," the former chief investment strategist at Morgan Stanley Wealth Management said in an interview with CNBC's "Closing Bell" on Tuesday.

The Dow Jones industrial average closed about 470 points lower Tuesday, after falling as much as 548 points earlier in the session. The Nasdaq composite wiped out gains for 2015, joining the other averages in the red for the year so far.

While it is a "fearful time," Darst pointed out that bear market indicators are not in place right now. Those signals include tightening by the Federal Reserve, which the central bank is only doing slightly; a recession; the widening of bond yield spreads; small caps, banks and transports underperforming the market; and the consumer pulling back, he said.

Meanwhile, housing is doing better, jobs are in pretty good shape, and inflation and interest rates are low, noted Darst.

So where should investors look to "nibble?" He likes housing, small caps, real estate investment trusts (REITs) and Canadian banks.

—CNBC's Evelyn Cheng contributed to this report.

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