According to Prakash Diwan, Altamount Capital Management the correction seems to have moved from smallcaps to the largecaps.
Although the market on Thursday gained strength and closed higher, Prakash Diwan, Altamount Capital Management is not convinced that the correction is completely over.
The market sustained its uptrend for the fifth consecutive session today with the Sensex rallying 177.46 points to 28885.21 after the Moody's upgraded outlook on India to positive from stable. The Nifty closed above 8750, up 63.90 points at 8778.30 supported by Reliance Industries and banks stocks.
According to Diwan, the correction seems to have moved from smallcaps to the largecaps. Basically, the activity has now shifted more to small and midcap space, says Diwan. He thinks profit booking in largecaps could get severe.
Moreover, Diwan thinks expectations of weak earnings are also penciled in now but don't see new highs being tested for the market.
According to Dipan Mehta, Member BSE & NSE today's upmove could be due to liquidity and increase in retail participation.
However, he would be in a wait and watch mode till the earnings season is done and would keenly watch for management commentary on the guidance front.
Talking sector specific, Mehta says among PSU banks he prefers only SBI because for the last two quarters it surprised the street. The change in management has made a big difference for SBI but by and large he is not so positive on other PSU banks and prefers private banks. With regards to IT stocks he says it is better to play them post earnings because now even the midcap companies have come out with warning.
For Diwan NBFCs is a good space to be in and metals seem to have done better than anticipated. He expects Reliance Industries to surprise on the GRM front.
However, Telecom according to Diwan would be a risk at current valuations.
for more on their stock/sector specific ideas watch video
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