After major European indices started to sell-off, Indian equities that started off confidently, joined the bandwagon slipping below 7900 in less than an hour.
This is not a market to short, says Siddharth Bhamre of Angel Broking and is willing to go long on stocks. Speaking to CNBC-TV18, he said it is advisable to go long despite warnings of global weakness and earnings fears because there is enough evidence of strong hands continuing in the market.
In an interview to CNBC-TV18, Siddarth Bhamre, Head - Investment Advisory and Derivatives, Angel Broking says traders shouldn't short this matket as it still has some steam left.
Siddharth Bhamre of Angel Broking feels that Bharti Airtel may slip to Rs 280-285.
Siddharth Bhamre of Angel Broking is comfortable going long Futures because premiums are a bit on the higher side now.
Siddharth Bhamre of Angel Broking is of the view that one may go long on PSU banks like Punjab National Bank (PNB) and State Bank of India (SBI) and ICICI Bank in the private sector bank. "One may avoid Reliance Industries (RIL) and Larsen and Toubro (L&T)," he adds.
Siddharth Bhamre, Angel Broking is bullish on Tata Steel and expects stock to head towards Rs 395-398 levels. Go long with a stop loss of Rs 361.
Go long on Indian Hotels with a stoploss Rs 66, says Siddharth Bhamre, Angel Broking.
Siddharth Bhamre of Angel Broking finds that ACC has added lot of open interest between Rs 990 and Rs 1,010. The cost of carry is significantly negative and it has gone down further.