The Indian market crashed Tuesday with the Sensex falling above 600 points to close at 26,877 and the Nifty shedding 200 points to close at 8,127. Speaking to CNBC-TV18, independent market expert Anand Tandon said subdued earnings and not-so-positive management commentary is a big concern and is responsible for pulling down the market.
According to him, exports-oriented sectors like pharma and IT are good places to park money now given the rupee may continue to depreciate for some more time.
Adding to the discussion, Jigar Shah of Kim Eng Sec India said market is correcting a lot and that can be used as a good buying opportunity. He is bullish on technology and pharma stocks. He is also optimistic on specific auto stocks Tata Motors, Bajaj Auto, Hero Motocorp.
Among other stocks, Shah is bullish on Exide Industries, ITC, Asian Paints and Kansai Nerolac.
Rajat Bose of rajatkbose.com believes the Nifty is unlikely to sustain in 7800-8100 range. According to him, short positions must be carried out now and one can carry them on Bank of Baroda and L&T. He sets Rs 149 as the target price for BoB going forward with Rs 164 being the stop loss for a carry forward position.
For L&T Bose suggests stop loss above Rs 1,591 and expects Rs 1,505 on the stock going forward.
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