Naveen Kulkarni of Phillip Capital says the Nifty has now rallied 9.4 percent in 2017 so far and trades at 17x one-year forward PE.
He recommends being overweight on media, telecom, metals & mining, financials and cement stocks.
He is underweight on autos, IT, pharma, capital goods and oil & gas stocks.
Top 10 ideas are Vedanta, Tata Steel, Bharti Airtel, IRB Infrastructure, HCC, ITC, Zee Entertainment, Titan Company, Escorts and VA Tech Wabag, Kulkarni says.
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