CK Narayan of Growth Avenues says it has become a very stock specific market. He is very bullish on private banks like Kotak Mahindra Bank and Axis Bank.
With all indices firing at the moment and no event that could be a dampener in sight one can surely go long in this market said CK Narayan of Growth Avenues in an interview to CNBC-TV18’s Latha Venkatesh and Sonia Shenoy.
He is also upbeat on the Bank Nifty and CNX IT. However, with the corporate earnings being a mixed bad, it has become a very stock specific market.
He is very bullish on private banks like Kotak Mahindra Bank and Axis Bank and thinks that money from HDFC Bank might shift into these banks.
The house also likes Axis Bank , IndusInd Bank and ICICI Bank .
Amongst the PSU banks, SBI needs to be top of table says Narayan and Bank of Baroda past Rs 870 could go up another 50-70 points. However, he thinks Canara Bank results could be a dampener.
From other sectors, pharma is on a great wicket and from year-to-date it has been a great returning sector. Within that Sun Pharma and Ranbaxy are on the verge of upside breakout but the recent news in Ranbaxy might put a mild brake on it. So, one will have to see the news is already in the market.
Aurobindo Pharma has decent number and with the stock going beyond Rs 1000 levels, it could propel the stock further. So one can buy it with stop at Rs 990, says Narayan.
FMCG sector seems to be a bit stalled
From the auto sector, Tata Motors looks good and one must trade only on break out.
Stay tuned for more