Here's what Goldman is telling clients to do following its bold call for deeper losses from here

Published Wed, Mar 11 20202:33 PM EDT

(This story is for CNBC Pro subscribers only.) Goldman Sachs just made a bold prediction, calling even deeper losses and the end to the record-long bull market. The bank is advising its clients to shift into some tech and real estate stocks to play defensively. Here are the stocks it recommends. Goldman's chief U.S. equity strategist David Kostin on Wednesday slashed his midyear S & P 500 forecast to 2,450, seeing the market fall more than 15% beyond Tuesday's close to levels not seen since December 2018. In the shocking call, the bank maintained its recommendations into information technology and real estate sectors. "Investors generally flee to the relative safety of defensive sectors when the growth outlook deteriorates and interest rates decline," Kostin said. The strategist pointed out that the real estate sector offers a dividend yield of 3.0%, compared with the record low yield of just 0.8% on the benchmark 10-year Treasury note. "We remain overweight Info Tech because the sector offers attractive long-term secular growth prospects (particularly in Software & Services) with valuations below long-term averages," Kostin said. The strategist cautioned that semiconductors and tech hardware stocks are less attractive as they face short-term supply chain and demand uncertainty. Goldman highlighted its stable grower basket consisting of the 50 Russell 1000 stocks with the most stable earnings growth during the past 10 years. The bank measures growth stability as the standard deviation of year-over-year EBITDA growth on a quarterly basis. The tech stocks in the basket include financial services technology company Fiserv , software company Amdocs , credit card companies Visa and Mastercard . The one real estate company in the basket is Crown Castle International . Amid the broad market's historic sell-off, the stock eked out a 6% gain in March alone, bringing its 2020 gain to 7.4%. Goldman also pointed out some real estate names that have outperformed the market and their industry peers amid the recent turmoil. Public Storage and Extra Space Storage rose 4% and 6% this month, compared to the S & P 500 more than 6% loss.

Traders work during the opening bell at the New York Stock Exchange (NYSE) on February 28, 2020 at Wall Street in New York City.

Johannes Eisele | AFP | Getty Images

(This story is for CNBC Pro subscribers only.)

Goldman Sachs just made a bold prediction, calling even deeper losses and the end to the record-long bull market. The bank is advising its clients to shift into some tech and real estate stocks to play defensively. Here are the stocks it recommends.