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Nifty ends below 8850: Here’s what you should buy now

Among other sectors, Prakash Diwan believes the rally witnessed in metal space today was more of a pre-Budget rally. “Metals have bottomed out,” he added. He also suggests buying infra space and capital goods now as these sectors are likely to rally over the next two weeks.

Indian market closed in red on the first day of February series with the Sensex shedding 499 points to close at 29183 and the Nifty losing 143 point to close at 8809. Kunal Saraogi, CEO, Equityrush believes market is heading into a choppy session and may move somewhere around 8700 over the next few days.

Adding to the discussion, Prakash Diwan, Director, Altamount Capital Management said the market took a beating on Friday led by a drag in financial stocks like Bank of Baroda, ICICI Bank, Oriental Bank of Commerce, after reporting a disappointing set of Q3 earnings.  

He, however, is bullish on United Spirits ,  HCC and auto ancillary stocks in general. Diwan is highly optimistic on  Ashok Leyland and recommends buying the stock.

Among other sectors, Diwan believes the rally witnessed in metal space today was more of a pre-Budget rally. “Metals have bottomed out,” he added. He also suggests buying infra space and capital goods now as these sectors are likely to rally over the next two weeks.

Meanwhile, Saraogi is bullish on  HCL Tech and recommends buying the stock.

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