Market not yet at panic levels; to focus on earnings: Pros

Mehraboon Irani, Nirmal Bang Securities clearly believes that there are no near-term trigger to propel the market upwards although the bull market is still intact.The most important trigger that the market is focused on is corporate earnings and till the time we don’t see a mark improvement in them, there is no hope at least in the near-term for market to going up. Meanwhile, events such as the Budget, RBI rate cut, bills etc are also behind us now, says IraniHowever, Siddharth Bhamre of Angel Broking is of the view that the market has not yet reached panic levels and in fact recommends going long on Nifty - not for new highs but for a 200-250 points bounce from current levels, which could take Nifty back to 8900. According to him the slide in the market could be due to unwinding their positions, today being Friday. There is no major reason for the market to correct down further from support zone of 8630-8650.

Below is the verbatim transcript of their stock/sector specific ideasMehraboon Irani:You need to buy selectively in two spaces which are going to ultimately attract the attention of the market like Infra. Whole lot of companies are having problem with their balance sheet. You spoke to pressure on Larsen & Toubro (L&T) margins but 99 out of 100 analysts will tell you if you want to buy infra the best proxy is Larsen & Toubro.However there are names like Man Infrastructure at Rs 42, which does not have any debt and the stocks is unlikely to go down below Rs 38 or Rs 40 and should be at least a Rs 60 stock in the next one year. It is a very decent company with decent management and clean balance sheet. Also Sadbhav Engineering and Construction has a decent balance sheet. It is Gujarat based. So one can go and identify such names.In cement is correcting now. We continue to like a name like Dalmia Bharat or Prism Cement. Prism was Rs 140 and now it is Rs 110, which it went up to from Rs 70. The stock has potential to go to Rs 140. Telecom at the present levels they look fully valued. The spectrum auction was definitely the trigger but the question is should one buy Bharti Airtel at Rs 400 or buy Idea Cellular at this rate knowing that it has gone up already 15 percent from the recent low. Between the two, operational performance wise I prefer Idea to Bharti. In between the two if you ask me I would then look at Idea may be Rs 145-155 if it ever comes back to that level. Meanwhile, I would remain invested in Hindustan Unilever (HUL) because I do not have too many options available in this particular space right now barring possibly a Colgate and GlaxoSmithKline Consumer. Lever is a stock I would continue to hold on in my portfolio despite knowing it is quite expensive in terms of valuation at the present level. Siddharth Bhamre - Angel BrokingFor the last two weeks we have  been saying that we will be stock specific and we have been shorting Axis Bank, ICICI Bank and were buying some of the PSU names on dips like Oil and Natural Gas Corporation (ONGC), NMDC. We also like some of the metal stocks at lower levels - like Hindalco around Rs 127-128 is a good buy and Tata Steel at current levels.However, from current levels or from today till expiry we will again shift our focus from being stock specific to index. I will put 80 percent of money in index and be index specific rather than get into individual stocks at this point of time. So, I would suggest contra long Nifty buy at current levels.For the entire discussion watch video