There is finally a bottom in place primarily because the Chinese market is now pretty much stable — atleast it is not creating fresh lows every day, crude oil prices too have stabilised albeit at lower levels and global markets too appear to be stable, says Dipan Mehta, Member BSE & NSE. Also on the brighter side, the Indian markets have been able to absorb a lot of the FII selling pressure, he told CNBC-TV18.
The market picked up pace on Monday in the last few hours. The Sensex ended up 246.49 points or 0.9 percent at 25856.70 and the Nifty was up 82.95 points or 1 percent at 7872.25. About 1691 shares have advanced, 965 shares declined, and 106 shares are unchanged.
Sector-wise, he is bullish on a lot of the midcap pharma and IT companies such as Mindtree, Persistent, Cadila, Torrent, among others. He also likes SKS Microfinance and LIC Housing.
Ambareesh Baliga, Independent Market Expert, on the other hand believes it might be a better idea to bet on largecap pharma companies such as Lupin and Sun Pharma.
Another stock that has buzzing in trade is Justdial. Mehta and Baliga have contrarian views on the stock. Mehta believes its new Search Plus app may be the next driver for the company, though it may be difficult to predict profitability based on the app, while Baliga feels it is a bounceback rally and may not sustain.
Sudarshan Sukhani of s2analytics.com says Justdial has been on his sell list for a while now. He advises investors to buy private sector banks such as Axis Bank and ICICI Bank. He also says Reliance Capital looks attractive as a buying idea.
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