Mkt looking for direction pre-results: Deven Choksey

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The markets have taken another dip; 49 of of the 50 Nifty stocks are in the red. Deven Choksey, of KR Choksey Securities examines the situation, giving some insight to further expectations. 

Excerpts from CNBC-TV18's exclusive interview with Deven Choksey:

Q: What did you make of this fall? What are you making of the grapevine? Do you think the immediate knee jerk reaction would be if Thai has gone this way, lets beware all other emerging markets and would hedge funds therefore flee the market or be it for the short time?

A: I certainly don't think of it that way. We are quite volatile and are trying to find the reason for why the volatility is. But in my viewpoint the market is clearly trying to establish the direction ahead of quarter's result. Probably because of vacation in December people are staying a little bit cautious and the market movement is staying little bit sideways.

As of now profit booking at the higher levels and buying at the lower levels is expected to continue.

Q: Personally at the moment would you use this opportunity to buy-up anything at all?

 

A: Selectively we are looking at opportunities and we are picking up stocks in this market. In the falling market, investment ideas like SBI look quite interesting, even Tata Motors for that matter. Some of the quality midcaps are looking quite interesting for buying as far as the market prices are concerned.

 

Q: You are not picking up anything on liquidity concerns right now, are you?

 

A: Not really because I am not worried about that aspect. That is relatively a CRR cut and it is a relatively smaller impact as far as overall economy goes. I am not worried about that aspect.