See Nifty downside at 4650 in next 2-3 months: Karvy

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See Nifty downside at 4650 in next 2-3 months: Karvy

In an interview with CNBC-TV18, Ambareesh Baliga of Karvy Stock Broking, spoke about his market outlook.

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Excerpts from Bazaar on CNBC-TV18 Watch the full show » RELATED NEWS Nifty quiet in early trade; tech, pharma, power gain Rangebound markets: What should investors do now? ALSO READ See what other experts are saying about markets See what FIIs are saying about the markets See what Udayan Mukherjee is saying about the markets BSE | NSE 01/01/70 Are Mutual Funds betting on ? Other Stocks in this news Jubilant Foodworks | Himatsingka Seide | DLF | Triveni Engineering and Industries | Gujarat NRE Coke | Sesa Goa |

Q: Are you buying anything in real estate right now?

A: Nothing. In fact, in our portfolio we have not bought anything in real estate in the last possibly twelve months because we were negative on real estate. We still continue to remain negative at least for the next couple of months. For a stock like DLF we have a price target of Rs 260-270 and this is a price target which we had quoted when the stock was quoting at Rs 350-400. So I think it is moving towards our level.

Q: Do you track Triveni Engineering ?

A: We used to track it earlier. Even two-three years back we have recommended the same thing to the management. This is a right time for them to demerge because otherwise the valuation of steam turbine will get lost in the sugar downcycle.

Q: Would you be surprised if the Nifty went to 5,300 in the March series?

A: Yes I would be, but you cannot afford to be surprised anything can happen. One needs to take a view. Our view is in case it goes to 5,300 I will get more into cash than buying.

Q: Is this talk of retail not being interested in IPOs overdone because they clearly are it just about the story and the price?

A: Absolutely. It's basically the price and the expectation of the listing price. This is what is playing on the minds of the retail. If there is no money in the IPO then these people do not apply for that IPO. In the past whatever PSU disinvestment was there, people used to apply blindly but since last couple of disinvestments haven't performed too well or the pricing was too high. People did not apply.

Q: The other space which has been quite lively around the NMDC issue is the natural resource space, stocks like Gujarat NRE Coke and Sesa Goa . Are you buying or recommending anything there?

A: We are finding both these stocks slightly expensive, especially Sesa Goa because the ore prices have moved up. Due to this you had this stock performing. At these levels, we find this more or less topping off. So we are not really suggesting people to do fresh buys at this point of time.