Analysts overtly pessimist despite rallies; short metals: Bagga

The current level is a good market consolidation, says market expert Ajay Bagga adding that analysts are overtly pessimist despite global and domestic rallies. However, Bagga adds that market fundamentals are yet to improve. Manas Jaiswal of manasjaiswal.com says that any correction on the Nifty is a buying opportunity. He is bullish on SAIL and Bank of Baroda.Major IT companies - Infosys, Tata Consultancy Services and Wipro, reported expected fourth quarter earnings this time. Bagga, who is cautious on IT companies, says that the sector is not growing as fast as anticipated especially in digital vertical. IT stocks are likely to fall on back on disappointing growth and guidance for the current year, he said. Bagga also advises not to build new position in the metal and sugar sectors.He, however, has a psositive recommendation on rural consumption and jewellers, especially with end of month-long strike and government initiatives. Watch video for more..