Equity markets around the world could be in for a tough week as investors continue to grapple with the possibility of higher interest rates in the United States.

Although the S&P/ASX 200 (Index: ^AXJO) (ASX:XJO) has already lost around 6.5% of its value over the past six weeks, Australian investors should be prepared for further falls especially if global markets continue to head south.

Rather than panic, I think investors should remain calm and assess whether or not a market-wide sell-off might actually create an opportunity to buy high-quality shares that may have been considered too expensive just a couple of weeks ago.

Four shares that I think investors should keep a close eye on over the next few days, include:

CSL Limited (ASX: CSL)

CSL shares have already been beaten down pretty hard after a disappointing full year result but that doesn’t mean nervous investors can’t push the share price further down from here. The shares dipped briefly below $100 on Monday and I think a slightly lower entry price would present a good opportunity for long-term investors to invest in a highly defensive business.

Sydney Airport Holdings Ltd (ASX: SYD)

Sydney Airport was smashed on Monday and is now trading more than 15% below its 52-week high of $7.62. As highlighted here, the shares are highly sensitive to interest rates movements and bond prices and this means further share price declines are not out of the question if bond markets continue to sell-off. Nevertheless, Sydney Airport remains a very attractive asset and investors should start to get excited if the shares fall below $6.

Aristocrat Leisure Limited (ASX: ALL)

Shares of the gaming giant have enjoyed a great run over the past few years and this has meant genuine buying opportunities have been few and far between. Investors who have ‘bought the dips’, however, have been duly rewarded and I feel this could be the case again if the share price takes a significant tumble this week. The growth outlook for Aristocrat remains positive and the company continues to take market share away from its rivals in a number of key markets.

Treasury Wine Estates Ltd (ASX: TWE)

Like Aristocrat, Treasury Wines has enjoyed a stellar run over the past couple of years, but this has made the shares a little expensive in my opinion. Although the company has some exciting growth opportunities, especially in Asia, this seems to have already been priced in with the shares currently trading on a price-to-earnings ratio of around 34. As a result, investors might want to consider investing in Treasury Wines at a slightly lower valuation as this will provide a little more margin for error.

Do you need to make room in your portfolio just in case you are presented with a huge buying opportunity?

3 Rotten Shares to Sell, and 1 to Buy Today

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Motley Fool contributor Christopher Georges has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.