Ruling out the possibility of a pre-Budget rally, Sandip Sabharwal of Asksandipsabharwal.com feels a deeper correction is underway with the Nifty falling till 7,500.
In an interview with CNBC-TV18’s Sonia Shenoy and Reema Tendulkar, Sandip Sabharwal of Asksandipsabharwal.com shares his outlook on various stock specific bets for the day and where the market is headed hereon.
Ruling out the possibility of a pre-Budget rally, he feels some sort of storm is brewing for the market. According to him, a deeper correction is underway with the Nifty falling till 7,500.
Furthermore, resilience of the rupee due to hot money flows into debt markets is a huge risk for the market.
Going ahead, he shares concerns of any stock inching upwards, as he feels the corrective move has just begun.
From a medium-short term perspective, investors must shy away from banks. In addition, he believes lower allocation should be given to financials and greater allocation should be given to defensives.
For more information, watch the accompanying video