Prefer textile, pharma, IT space: Deepak Shenoy

Deepak Shenoy, Founder of capitalmind.in told CNBC-TV18, "The main thing we are trying to see is what happens with the dollar move. So 63.50/USD is still substantially lower than it was end March. The three sectors in order perhaps is textiles or garment export sector, pharmaceuticals though pharma results have been little disappointing so far and we have IT. However, IT would be a last pick because for some reason they do not seem to be able to grow their dollar income yet but hopefully with the dollar move, the rupee will help them gain earnings growth back. So in that order I would say textiles, pharma and IT – that’s where we are concentrating right now.”

He further added, “We have seen the momentum in some of these stocks. Recently there has been sudden change in the momentum factors, so at this point I would like to pause and say we still need to analyse little more before we target another sector but these are the three in our focus.”