The Nifty, for the first time, closed above the 8700 mark Wednesday led by gains in a couple of bluechips including HUL, Bharti, HDFC, SBI and Infosys. Despite the rally, P Phani Sekhar of Karvy Stock Broking recommends caution while buying stocks now as the macro environment is unlikely to improve overnight but will happen gradually.
He recommends buying stocks on dips then chasing them on rally. Sekhar is bullish on banks and non-banking finance companies and suggests avoiding investment cyclicals as of now.
In a discussion on CNBC-TV18, Neeraj Deewan of Quantum Securities suggests holding on to quality names like LIC Housing Finance and GlaxoSmithKline. He is also bullish on a selective quality names in the banking and cement space.
Meanwhile, Sudarshan Sukhani of s2analytics says that in case traders and investors are still willing to buy, given market is at all-time high, Punjab National Bank, IGL and Asian Paints are the most trusted bets. He believes HUL is a good buy for an investor but traders must avoid this stock for now.
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