In an interview to CNBC-TV18's Latha Venkatesh and Sonia Shenoy, Dipan Mehta, Member, BSE and NSE gave his outlook on the market and expectations going ahead.
Also Read: Week Ahead: Here's what you should keep an eye out for
Below are the excerpts from the interview:
Latha: Just a near-term trend, do you think markets are finding a roof at 6,550? Would you want to take profits for the end of contract?
A: It is very difficult to say what end of contract traders should try and do but I think 6,350 was an important resistance level and the market having crossed that, it is stabilising at these levels. More importantly, we are seeing a lot of action coming through in the midcap stocks and smallcap stocks and FII flows continue to remain extremely robust. So, we are seeing some kind of pause after a fantastic move upwards and breaking through the multi-year resistance levels.
We are seeing a bit of a pause at present and after a few more such sideways trading sessions, maybe the primary trend which is bullish may perhaps resume. Also, the newsflow remains extremely supporting and that is also a very positive factor.
Sonia: What is your advice to the average investor or retail investor on the street now? If you have Rs 100, how much should you wait for in terms of post election money to be pumped in? What are the key sectors one should be looking at right now?
A: Investors, at this point in time, should gradually start investing in the market and should not make any sharp move. If you say Rs 100, then maybe Rs 10-15 every fortnight or so right up to the elections then take a call after the election results are out.
As far as portfolio composition is concerned, it should still be about half-half-half being in the export oriented sectors and the other half being in the consumer oriented sectors and rather the domestic oriented sectors and within that, the consumer oriented sectors and banks, non-banking financial companies (NBFCs) should be given preference over capital goods manufactures, mine manufacturers or even more the interest rate sensitive sectors so that would be a kind of defensive strategy as far as portfolio management is concerned.
Once election results are out and we have a few more inflation numbers and we know the exact direction where the interest rates are heading, maybe then the deep preference or the allocation for interest sensitive sectors could be increased gradually but this is not the time to stay out of the market, it a time to have a good hard look at the portfolio.
Most investors have got lot of laggards and those prices may have also moved up and so, I would urge investors by and large reshuffle their portfolios in aggressive manner and be well positioned to take advantage of the rally which will certainly take place, maybe there is hiccup after the election but next two-three years certainly looks good for the stock.
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