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IIFL Securities says earnings to be next catalyst for market; bullish on metals

Updated : October 01, 2018 16:46:52 IST

IIFL Securities on Monday said that next catalyst for the market would be earnings and is bullish on metals.

In an interview to CNBC-TV18, Sanjiv Bhasin, executive vice president-markets and corporate affairs, said, "The price wise correction for the market could be over but now there would be time bound correction for the next 10 days and by October 10-12, levels of 10,800-11000 on the Nifty should hold as bottom."

"The rupee, bond yields weakness may have played out and the IL&FS issue also seems to be getting addressed. So, if one was to buy this fear, then hopefully one could start making money maybe in second half of October and Diwali,” he said.

"We had a buy on Bajaj Finance at Rs 2,050-2,065 and the house was also bullish around Rs 2,150. The stock continues to be their top pick along with L&T Finance as a medium-term play. These are pedigree stocks, with good managements and worst of asset quality maybe behind,” Bhasin said.

He further said, "The top 3-4 sectors they would look at are gas utilities, pharma, metals, cement and power stocks. Within metals, they like JSW Steel, Tata Steel and Hindalco. Also have relative out performance on Vedanta and could be a dark horse in 2019 given most of the issues would be behind."

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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