It was a stellar Friday for the markets, which saw the Nifty, Sensex and midcap indices hit record highs. They also ended with gains for the fourth straight week. However, banks underperformed.
Mihir Vora, Director & CIO at Max Life Insurance, believes that export oriented companies like IT/IT-enabled services, auto ancillaries, chemicals, pharmaceuticals will outperform.
Vora said, "We remain positive on IT. The recovery of the global giants like US, the western world essentially will be much faster than the recovery in Indian economy. So the outward looking companies like IT, auto ancillaries, IT enabled services, chemicals, pharmaceuticals, which have a lot of export component, I think in terms of the growth will clock much faster and immediate growth compared to the more domestic looking sectors."
Jai Bala, CMT at Cashthechaos.com, said he remains positive on IT and metals sector. He also said that he is positive on L&T Infotech and SAIL.
"Nifty IT is in a very strong position. Within the IT space I prefer L&T Infotech more than L&T Technologies. L&T Infotech is set for Rs 5,200. It is a very strong stock but keep trailing stops for it, as long as Rs 3,500 is protected, it is heading for a very strong move."
"I remain positive on metals selectively. SAIL is a good place to be in as long as Rs 117 is protected and it is headed for Rs 160."
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