The market is likely to see some correction in the near-term as most of the companies were riding purely on optimism, says Nitin Raheja of AQF Advisors in an interview with CNBC-TV18.
The market is likely to see some correction in the near-term as most of the companies were riding purely on optimism, says Nitin Raheja of AQF Advisors in an interview with CNBC-TV18.
Below is the verbatim transcript of the interview:
Q: Do you share that optimism and in specific what is your call on Reliance Industries that has led the market today?
A: If you see the market by and large the flow seems to be good, the overall economic mood seems to be improving, earnings have not really set the stands on fire but they have really not been bad. When you are saying that there is a bottom of cycle as far as the economic cycle is concerned and then earnings are holding out quite well, in fact some of the tech names have given some very good numbers.
So, given that overall perspective, we are in a bull market which is very clearly visible. There is a lot of scope for optimism. Can there be some sort of a correction in the middle of this bull market? Sure there will be. Every market has a correction and so will this market at some stage. However, this is going to be a more broad based and as Dipan pointed out earnings driven rally from now onwards because a lot of optimism driven rally which saw all the large beta names participate has taken place to a large extent and now I think its going to be earnings focus. So, it is going to be more bottom up again the way we see it.
Q: Some of these midcaps IRB , Unitech have corrected about 20-25 percent from recent highs. Good time to buy or would you wait for some more correction?
A: Stocks like Unitech in the real estate names is something that I am very weary of investing in. If there is a midcap broadly which is corrected and there are various categories, for example, you will not see good midcaps where stories have been very strong having corrected significantly. Then there is a category of midcaps which have gone up purely on optimism and when everybody was playing the whole election Modi trade and so on and so forth. So, there were you are seeing corrections, some sort of reality checks will come in.
You will see a number of these companies say like you mentioned Thermax. Similarly, with midcaps, you have seen number of companies where earnings will come and you have seen the stocks having run themselves ahead of their numbers and those numbers eventually to turn around and come will take time. So, you will see some correction happening there. So, I would play a stock specific view but as far as the real estate pack is concerned we kind of avoid that pack broadly as a whole.
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