DoubleLine Capital LP's head in command Jeffrey Gundlach said on Tuesday that the bond market selloff is soon to end within the next few weeks. He suggested that now is the best time to consider purchasing debts with greater risk.

Gundlach explained that the selloff in the bond market is considered to be in a "liquidation cycle". During an investor webcast, the DoubleLine chief encouraged investors to buy riskier bonds in light of the Treasury's expected 2.75% growth.

"The momentum of higher interest rates is slowing," said Gundlach. "Now is the time to be thinking about taking advantage of the price discounts that exist in some of the risk areas of the bond market," he said.

Ever since Federal Reserve Chairman Ben Bernanke's announcement that the central bank could cut down its monthly spending by $85 billion, expansion of selloffs in the bond markets occurred.

Gundlach said that Tuesday "marked the first encouraging signs" of an excessive selloff, as investors are now undervaluing the said bonds.