Nifty50 in a bull run! We see index touching 19150-19200 levels by Diwali: Ashish Chaturmohta of Sanctum Wealth
The Nifty50 is in a bull run and we can see the index touching 19150-19200 levels by Diwali, Ashish Chaturmohta, Director Research, Sanctum Wealth, said in an interview.
The Nifty50 is in a bull run and we can see the index touching 19150-19200 levels by Diwali, Ashish Chaturmohta, Director Research, Sanctum Wealth, said in an interview with Zeebiz’s Kshitij Anand. Edited excerpts:
See Zee Business Live TV Streaming Below:
Q) The Nifty50 surpassed 18500 levels – where do you see the index by Diwali?
A) The Nifty50 is in a bull run and we can see the index touching 19150-19200 levels by Diwali.
Q) Banking stocks also hit fresh record highs in the run up to Diwali? What is powering rally in the banking space?
A) Banks and various financial institutions faced extreme stress post IL&FS and DHFL crisis. Post which various banks have raised funds via several routes.
After the COVID-19 hit and moratorium issue, banks are now again getting stronger. We have seen, resolution coming out for several companies in the NCLT, retail loans seeing normalisation etc. Hence, as of now all seems to be good for the banking sector.
Q) Metal and energy stocks are also coming up from their underperformance phase. What is leading to the price action and what should investors do?
A) Commodity prices are rising due to macro issues, and this would certainly hail all commodity companies. We prefer Vedanta and SAIL.
Q) PSU stocks are up on privatization buzz. Do you think it makes sense for investors to add them for long term portfolios?
A) Yes. PSU privatization will create long-term wealth for investors. The holding period will be long, but PSU will great business model like Concor will generate good wealth over a longer time frame.
Q) 12 Sensex stocks (nearly 50%) hit a fresh 52-week high, and over 300 stocks hit a fresh 52-week high on the BSE. What should investors do with stocks hitting fresh highs – ride the momentum or book profits?
A) In the correct scenario, I would suggest investors to ride the momentum and keep on increasing their stop loss.
Q) Small and midcaps are now trading at a slight premium to historical averages. How should investors play this theme?
A) Small and mid-caps would be the highest beneficiary of India's growth story. As I always say, every large-cap was a small-cap once. Hence, one should stay invested in quality small and mid-caps.
(Disclaimer: The views/suggestions/advices expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.