The start of the trading week after an extended week was a volatile one with profit booking seen throughout the day.
Market Expert Ambareesh Baliga says even though one may not see a huge correction in the market, it is time to stay away and book profits for now. According to him, Nifty could see levels of maybe 8200-8300 but may not fall below that.
Therefore, it would be prudent to book profits and keep a watch. There could be better opportunities in the next 2-3 months and ride the next upmove, feels Baliga.
Around December or early next year market could see new highs and not by Diwali because the market has already run up in the last two- three months.
The market Tuesday ended in red with the Nifty below 8650. The 50-share index is down 29.60 points or 0.3 percent at 8642.55 and the Sensex is down 87.79 points or 0.3 percent at 28064.61.
Anand Tandon says there does not seem to be many investment opportunities right now but that does not mean the market will fall.
However, if one cannot find names with high conviction then stay away for now and wait patiently.
As of now, Tandon believes midcap cement, non frontline auto ancillaries and some chemical companies are showing signs where earnings are likely to sustain for the next few quarters.
However, he is not so bullish on the NBFC space even though the earnings continue to grow for the space. According to him they already seem to be at bubble valuations.
Tandon says, software companies continue to disappoint and so the challenge there is to buy the right companies because the frontline companies are not attractive.
Baliga likes Jain Irrigation and expects better results from it in the coming quarters. He is bullish at current levels, and don’t see much downside for the stock. It could see levels of Rs 83-84 if current momentum continues, feels Baliga. He has a target price of around Rs 115-120 around April-May 2017.
In the same interview Mitesh Thacker of miteshthacker.com, SP Tulsian of sptulsian.com, Ashwani Gujral of ashwanigujral.com shared stock specific ideas.
Later in the day, CNBC-TV18 also spoke to Mayuresh Joshi, Fund Manager, Angel Broking to get his views on markets going forward. According to him, Q1 corporate earnings were a mixed bag and revival is expected in second half of the year. Factors like good monsoon are favourable but global cues may determine short-term impact.
For full discussion, watch video
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