Sun Pharma is Sushil Kedia's Diwali-pick, says Nifty may see levels of 9450-9400

Sushil Kedia

Founder | KEDIANOMICS

• Sun Pharma is Sushil Kedia's Diwali-pick, says Nifty may see levels of 9450-9400

• Too late to be a bull, bears having early fun: Sushil Kedia

Sushil Kedia of Kedianomics is very bullish on the market for the long-term and says would not be surprised if before 2019 elections, the market went to 13000, but currently, we are in a phase where the markets have begun a good corrections. Since we are in a corrective phase, it's possible that we may see levels of 9450-9400 but there aren't many Nifty 50 stocks where one can nibble into long trades,  he says.

According to him, ITC is good long-term buy. With regards to other sectors -- between metals, cement and autos, a 15-20% move downwards on individual names is possible, says Kedia in an interview to CNBC-TV18.

From the pharma pack, he thinks it is a fantastic time to be Sun Pharma and could even see 100-150 percent rise in next one-year and is his Diwali-pick. However, Lupin, Cipla could fall another 20-25 percent, he adds.

Talking about Reliance Industries and Larsen and Toubro (L&T), he says for RIL one will have to make 5-7-8 percent tolerance on the downside but once it gets there and there are fresh signals, then as a trader he would nibble into that. However, there are no signs of long-term top in RIL and also in L&T.

From the technology pack, he thinks Infosys continues to be in a sell trade, Wipro if down 5-7 percent will be a buy and HCL Tech can be damaged very deeply.

On crude, he says the lows of 2017 will break within 2017 and it will again be a dividend for India. It is a sell on every rise.

Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.