Alchemy overweight on FMCG; all for bottom-up stock picking

Hiren Ved, director and chief investment officer, Alchemy Capital Management expects Nifty to extend its current rally a bit more. He sees some upside for the Nifty from the current levels. 

However, Ved believes that it would be difficult to take a call on market direction post budget. Speaking to CNBC-TV18, Ved said, "We are just at that point where people are beginning to think whether the direction has changed for sure." He suggests investors to adopt bottom-up stock picking strategy and remains overweight on FMCG. Below is the edited transcript of Ved's interview with Udayan Mukherjee and Mitali Mukherjee of CNBC-TV18. Also watch the accompanying videos. Q: How are you characterising this very smart 10% pullback at the start of the year? A: Sometimes what most of the street expects doesn