Harendra Kumar expects domestic investors to pare positions ahead of general election outcome on May 16.
In an interview with CNBC-TV18, Harendra Kumar, MD, Elara Capital shared his reading and outlook on the market.
Speaking from the sidelines of Elara Capital conference, he said that one is now seeing an evident shift of investors interest beyond Nifty stocks. "There is a shift to look out and play for a change that is imminent on May 16. The activity is to pick new ideas and new opportunities," he added.
He expects domestic investors to pare positions ahead of general election outcome on May 16 and adds that long-only FIIs are looking to migrate positions to India. Those looking to play the market should opt a bottom-up approach, he recommended.
One specific stocks, he finds capital goods players L&T , BHEL , Cummins India and Thermax trading at expensive valuations now. According to him, it is difficult for L&T to cross Rs 1,350-1,400/share level and advises investors to pare positions in the stock.
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