NSE Nifty 50 is likely to top 17,700 levels, and Bank Nifty may cross 38,700 in near-term before correcting to more modest levels, Sanjiv Bhasin, Director, IIFL Securities, said. In today’s session, Nifty 50 hit a day’s high of 17,566.10, and a low of 17,442.80. Sanjiv Bhasin in an interview with Surbhi Jain of FinancialExpress.com, said that in the second half of August, markets may witness correction taking the Nifty 50 to 16,300 levels and Bank Nifty to 36,300 levels by the end of this month. He also advised investors to enter the stock markets when Nifty nears 16300 levels. Here are edited excerpts from the interview.
What are the key themes to invest amid the current market scenario?
Key themes to invest in amid current market scenarios are banks, realty, infrastructure, capex related and IT sectors.
With the BSE Sensex, NSE Nifty gaining nearly 9% in the last one month, is it time to buy or sell?
Time to book profit if you did enter when we suggested in early June when there was capitulation, however as we see more consolidation and dip towards 16300 time to enter again.
Where do you see NSE Nifty 50 and Nifty Bank in near to medium term?
In the near-term, Nifty could top 17700 with Bank Nifty stretching to 38700, however, second half of August could see correction creep in which could see levels of 16300 & 36300 by end August.
What are the key levels to track in Nifty 50 this week?
This week 17150-17700 levels in Nifty could be looked at.
What are your top sectors and stocks to bet on?
Top sectors could be banks, infra, reality, capex related and FMCG. While top stocks are ICICI Bank, Aditya Birla Capital, IRB Infrastructure Developers, Godrej Properties, Godrej Consumer Products, Paisalo Digital, Union Bank of India.
What is the right time to buy IT and FMCG stocks?
Do a SIP in Tech Mahindra, HCL Technology, Persistent Systems, Godrej Consumer Products, Marico, and Nestle India for next 16 weeks.
What are your underweight and overweight sectors?
Underweight sectors are pharma, metals; and overweight are banks, reality, infra, and capex related.
The stock recommendations in this story is by the respective analysts. FinancialExpress.com does not bear any responsibility for their investment advice. Capital markets investments are subject to rules and regulations. Please consult your investment advisor before investing.