Indian market regained the losses of the last two weeks with Nifty hitting a fresh high and ending the week with gains of 1.5 percent. Midcaps and smallcaps too continued their rally at a ferocious pace ending with gains of 1.6 percent and 4.2 percent respectively.
Ajay Srivastava, CEO of Dimensions Corporate Financial Services, remains positive on metal and commodity stocks. He believes that they are cheap at current valuations.
"Among all the sectors, I am feeling most comfortable with metals and commodities because those are cheap, they have done well and they are almost monopolies or duopolies and you cannot substitute them, you cannot compete with them," he said.
Meanwhile, Rohit Srivastava, Founder and Strategist at Indiacharts.com believes that markets have broken out of the consolidation range below 15,900. He expects Nifty to head towards 16,400.
He said, "We have got through the 15,910 multi-top trading range that we were stuck in for more than a month. Now, we can set ourselves for higher levels which should be closer to 16,400. Similarly, on bank Nifty we have got past 35,800 which was the previous high and now it should head towards 37,800."
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