Deepak Shenoy, founder at capitalmind.in told CNBC-TV18, "We have been looking at the textile sector specifically like garment or textile exports and there is a small/midcap stock called Ambika Cotton which moved up quite a bit yesterday, it was up about 12 percent. Today it has corrected a little bit but that stock is up about 50 percent from March. It was still at a PE of 15-16 whereas it has cut down debt substantially and is moving towards a lower debt and therefore perhaps a higher margin regime."
"The Wimbeldon is coming up and Welspun India's subsidiary provides towels to Wimbeldon so that is another play that has been doing well in the recent past. We have been noticing a few stocks starting to breakout as well, so in the IT space there is Cyient which started to breakout and is making all-time highs at a time when the market is going down which shows some strength as well. PC Jeweller has moved up quite substantially; these are about three or four of the plays," he said.
"The movement has been momentum primarily that has attracted the stocks to move into a new price game but they are also very good fundamentally, Welspun for instance and so is Ambika Cotton. They are fairly good fundamental stocks, which are getting re-rated and we are seeing a lot of movement in textiles in general."
Disclosure: Analyst owns PC Jewellers, Ambika Cotton, Welspun and Cyient.
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