Retain March 2018 Nifty target at 9,825, says IDFC Securities' Anish Damania

Anish Damania

Head-Institutional Equities | IDFC Securities

• Retain March 2018 Nifty target at 9,825, says IDFC Securities' Anish Damania

• GST will benefit organized listed players: Anish Damania

• Infosys, Torrent, Adani Ports, Hindalco among top 8 stocks on IDFC Securities' shopping list

The run-up in market has been very sharp, so the correction has to come, Anish Damania, Head of Institutional Equities, IDFC Securities said in an interview to CNBC-TV18.

He further said, "We have a Nifty target of 9,825 level by March 2018, which we already achieved. I still retain my target."

The Nifty has seen one-way rally from 7,900 to 10,200 levels without significant earnings growth. So the Nifty should settle between 8,500 and 9,500 in couple of months, he said.

According to him, the current correction is a bull market correction, adding that in bull market correction, the market can fall even 10-12 percent.

There are always stock to buys during dips, he said. One can see froth building up in the NBFCs and would like that to settle before coming out with recommendations in that space, he said. However, even in current conditions would continue to look for asset based companies over asset-light ones – companies like Power Grid, NTPC, Adani Ports, or metal companies, said Damania.

He is also bullish on structural export growth stories like Motherson Sumi.