In an interview to CNBC-TV18, market experts Mitessh Thakkar of mitesshthakkar.com and Sanjiv Bhasin of IIFL discuss about how the markets fared in trade on Tuesday. They also answer viewer stock queries.
On Yes Bank, Bhasin said, “I think provisioning is in place, they have got a very strong franchise and at one time price to book, it is the cheapest it has been in 2.5 years. So, I would say stay Put. The day they raise capital, that is the day it should have made a bottom and that could be very close, maybe in the next two weeks, maybe by the next month that is the time you could actually buy more. For now it is a very weak stock, but this could be the floor. So, I would stay Put and in the next 6 months you could see some recovery where you can either cut your losses or hold for the longer term.”
Answering a viewer query on DHFL, Thakkar said, “This is a stock which has gone through very big damage and has lost 90 percent of the value and still no signals of reversal because after this kind of decline you will need a lot of base building. The last long term chart pivot was Rs 50 was in September of 2013 and looks like Rs 50 could be retested and then might see some base building happening. So, for the time being it is an avoid; only after some base building happens I would look into this.”
They also spoke at length about Sun Pharmaceutical and HDFC AMCFollow stock recommendations by Mitessh Thakkar here:
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