Prefer IDFC, LIC Housing Finance: Deven Choksey

Deven Choksey, MD at KR Choksey Shares and Securities told CNBC-TV18, "This correction would last for another two-two-and-a-half week. If stretches it could last till the end of this month as well. The major amount of change could come after the state elections are over and thereafter probably market can resume further upside.”

“The reason for which I am saying is twofold; one is the election factor for which most of the traders would remain cautious and another aspect is about the currency; we are likely to see the rupee depreciating to 63.5-64.5/USD and given that possibility the buying from foreign institutional investors (FIIs) side is likely to remain muted into the market and at the same time some amount of sector rotation might take place given the kind of weight adjustment that they do on the trading portfolio. So, from that point of view market would struggle,” he added.
“One could keep an eye on some of the good quality banks or some of the non banking financial companies (NBFCs) which might come under some kind correction like IDFC or LIC Housing Finance where we feel the growth is likely to be quite significant going forward. I think those kind of companies can be added into the portfolio.”
“Even some of the heavyweight cyclical could be considered in a corrective downside which may give an opportunity and many of the midcap companies too can give an opportunity. So, this particular month is a month in which you may capitalise the corrective downside to add portfolio with quality names.”