Manoj Murlidharan Vayalar, IIFL is positive on Jindal Steel, Hindalco, IndusInd Bank, Axis Bank.
Vayalar told CNBC-TV18, “I would not suggest shorting banks because there is long unwinding which has happened in the Bank Nifty as well, more than 1.8-2 lakh. I believe that metals would be one sector along with some private banks that can out perform these 80 odd points. We would be buying metals and the top pick would be Jindal Steel (JSPL) which is close to around Rs 370 odd and keep a stop loss at Rs 364 and we are expecting Rs 402 on that. Second pick would be Hindalco as well.”
He further added, “Regards to banks, I am sticking to banks like IndusInd Bank, which we are positive on and it has more or less come to that level and other would be Axis Bank.”