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Wouldn't recommend buying Titan now, says Vikas Khemani of Carnelian Capital

Updated : July 10, 2019 11:42 AM IST

Long-term prospects of Indian market remain intact: Khemani

IT will continue to remain a defensive sector: Khemani

Investors will stay away from IndiGo until boardroom battle doesn't subside: Khemani

Vikas Khemani, the founder of Carnelian Capital Advisors, spoke to CNBC-TV18 about market fundamentals and select stocks.

“There is a real slowdown in the economy because of credit freeze in the system and nothing is changing on that front. This would impact results and sales growth of most companies including consumer segment and that’s what we will see,” Khemani said on Wednesday.

“We will be in 11,000-11,200 kind of bottom but as I said that next 3 months would be a great time to look at market from investing perspective because as the credit freeze unleashes, as it opens up; which is a matter of time and then economy and growth will start coming back to normalcy and that will set good foundation for growth,” Khemani said on Wednesday.

On stocks like Titan, he said, “A bit of a shift will happen from over-owned stocks to under-owned stocks where the market, in next couple of months, will start shifting and switching slowly as anxiety level comes down and comfort around other segments come. Therefore, I wouldn’t say to buy at first sign of correction.”

With regards to the IT sector, Khemani said, “I have always maintained that IT is a defensive sector which will always be in the portfolio. One-quarter of slowdown here and there would be possible because there are a lot of global factors. Therefore, structurally speaking the slowing down growth can have an impact on them but currency always provide somewhat cushion in Indian perspective.”

“I do not think there will be a major selloff in IT because this is a defensive sector and even in a weak commentary kind of an environment you will see 8-10 percent kind of growth coming through which is not bad in a defensive sector and in an otherwise weak environment,” he said.

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