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Elixir Equities' Dipan Mehta says ITC is a sell at every rise

Updated : May 31, 2019 04:51 PM IST

Dipan Mehta, director at Elixir Equities on Friday said that cigarette-to-hotel major ITC is a sell at every rise.

"Going forward, you will see the market cross 12,000 over the next several months and quarters. We are back into that old multiyear bull market which had sputtered in 2018 and first half of 2019. From this point on, I think it will be more broad-based and you will have many more sectors performing," Mehta said.

“The bull market may not be visible in the index stocks as the large heavyweight index stocks are almost priced to perfection. However, the next wave of index stocks and mid-cap stocks will start getting back into action," he added.

On the NBFCs, he said, "India Infoline, Edelweiss and JM Financial have exposure to the capital market either through stock-broking or through wealth management. If you expect the capital markets to do well over the next 2-3 years, then these businesses certainly should start outperforming. Valuation-wise I think both India Infoline, of course, now it has got demerged, and Edelweiss are at very attractive valuations. Both stocks have corrected by almost 40-50 percent from their top."

Disclaimer: The views and investment tips expressed by investment experts on CNBCTV18.com are their own and not that of the website or its management. CNBCTV18.com advises users to check with certified experts before taking any investment decisions.
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