Expect stable earnings trajectory to sustain: Citi

Aditya Narain, Citigroup: We expect the relatively stable earnings trajectory to sustain and market returns to sober down too. We are maintaining our December Sensex target of 18,400, implying 3% upmove from current levels. We are Overweight cyclicals and Underweight defensives.

Mahesh Nandurkar, CLSA: We believe the recovery in this cycle is more than a year away and we are Underweight most investment plays, given further potential downside. These include L&T, Crompton Greaves, PFC, Thermax and Voltas. Our preferred names are IDFC, Power Grid and Adani Ports. We are Overweight private banks and defensive utilities.