Buy mkt now, meaningful fall unlikely before expiry: Bhamre

The market rallied for the seventh consecutive session on Friday, spiking nearly 2000 points on the Sensex (in seven days). The Sensex gained 273 points to 29279 and the Nifty jumped 60 points to 8822 on ECB stimulus. Backed by the global optimism, experts are now recommending buying the market without any fear.

Siddharth Bhamre of Angel Broking believes people should no more be cautious on this market now and must buy as a meaningful correction is unlikely before expiry. One should not get carried away by the intraday correction, it is just profit booking, he adds.

In a discussion on CNBC-TV18, Bhamre says Bank Nifty is unlikely to outperform Nifty despite big rallies in both private and public sector banks after the surprise rate cut by the Reserve Bank of India last week. Among stocks, he is bullish on Tata Power, NMDC, Reliance Communication, Indiabulls Real Estate as these stocks are showing signs of a breakout and are therefore, good opportunities to buy.

Adding to the discussion, Jigar Shah, Kim Eng Sec India says Tata Motors is also an attractive buy with JLL doing well and the next couple of years look good for the company. He is also bullish on ITC despite 3 percent fall in the stock this week.