homevideos Newsmarket Newsstocks NewsBesides Reliance, prefer banking and metals stocks, says market expert Rohit Srivastava
Besides Reliance, prefer banking and metals stocks, says market expert Rohit Srivastava
After a volatile week on Dalal Street, Sensex & Nifty gained over a percent, midcap index closed more than 2 percent higher and IT and real estate stocks led the upmove.
After a volatile week on Dalal Street, Sensex & Nifty gained over a percent, midcap index closed more than 2 percent higher and IT and real estate stocks led the upmove.
Speaking to CNBC-TV18, Mihir Vora, director & CIO at Max Life Insurance, said, "We would still stick to retail oriented NBFCs and that comprises of durables lenders, small ticket loans, microfinance as well as mortgage finance because their risks are granular in nature. So, because of funding cost reduction and probably the worst of the cyclical downturn being over, there can be an uptick for the NBFCs."
Rohit Srivastava, founder & strategist at Indiacharts.com, said, "We have had a pretty good post-Budget rally. Looking back at history, there were only 4 or 5 such occasions where you had a pre-Budget sell-off and then a rally. In 3 out of them what you notice is that, you do get a pullback, 50-60 percent kind of a retracement of the rise and then the upmove resumes."
"So, I would keep it open for a possible pullback in the next week or so to 14,960. If you go down there and pick up from there again, then we resume the upward trend."
Srivastava said, "Reliance underperformed and lagged the market since August 2020. However, we now have somewhat of a triple bottom in Reliance close to Rs 1,820-1,850 range and from there it is now starting to move up. So we should look for more participation from Reliance and supporting the market. Apart from that I would positively look at banking, metals and PSU stocks."
Watch video for more.
Disclaimer: The views and investment tips expressed by investment experts on CNBCTV18.com are their own and not that of the website or its management. CNBCTV18.com advises users to check with certified experts before taking any investment decisions.
Disclosure: RIL, the promoter of Reliance Jio, also controls Network18, the parent company of CNBCTV18.com.
(Edited by : Bivekananda Biswas)
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
Lok Sabha Election 2024: I.N.D.I.A. bloc to hold rally at Mumbai's BKC today
May 17, 2024 5:18 PM
In Ayodhya, voters talk of a promise fulfilled and yearning for development
May 17, 2024 2:10 PM
Fight of heavyweights in Sambalpur where farmers, weavers hold the key
May 17, 2024 12:25 PM
Odisha: Fight of heavyweights in Sambalpur where farmers, weavers hold the key
May 17, 2024 10:22 AM