Difficult to justify index levels; be stock specific: Experts

Prashant Prabhakaran

YES Securities

• Difficult to justify index levels; be stock specific: Experts

Markets consolidated at record levels after a bumper week on Dalal Street, major indices rallied 2 percent. The Sensex closed down 1.32 points at 33145.81, while the Nifty ended lower by 23.50 points at 10320.30. This week the PSU banks gained a massive 30 percent.

Prasanth Prabhakaran, Senior President & CEO, Yes Securities says it is time we stop looking at indices and look at stock specific action. Choose stocks that you want to pick for your portfolio and slowly start building it up in case not invested in the market.

It is difficult to justify the levels at which Nifty and Sensex are currently at, says Prabhakaran.

According to Prabhakaran, it would have been comfortable if the market had rallied after the earnings were out but one can still be stock specific. We like consumer durables and like Symphony, Century Play.

Mitessh Thakkar of mitesshthakkar.com says 10350 on Nifty is some kind of minor supply zone and 10,400 is the target. On the index it looks like a subdued market but slowly an upward moving market, slowly making higher highs. Action basically remains stock specific though, he adds.

Ashwani Gujral of ashwanigujral.com, Dipan Mehta, Member BSE & NSE and SP Tulsian of sptulsian.com also shared their views on the market and stocks/sectors like ITC, cement, pharma