It may not yet be the end of the story on Vedanta, market expert, Prakash Diwan said in an interview to CNBC-TV18.
The management commentary today will set the direction more decisively in terms of where it is headed and Diwan said he would stay clear of it for some time till there was some clarity.
As a pick in the portfolio for a lot of large institutions who like continuity of businesses, UTI AMC is a good long-term pick, he said.
“I agree that grey market does indicate a bit of softness in the opening but given the fact that as a pick in the portfolio for a lot of large institutions who like continuity in businesses, annuity kind of businesses, this is definitely another good option apart from the two listed names that we have. At lower levels, you could probably buy but this is for the long haul. Nobody has invested in to this for a listing bump up. I think it will get support closer to the offer price of Rs 554 and probably stay there. I definitely believe it is a good long-term pick,” he added.