Can manufacturing stocks go further up from current levels? Deepak Shenoy answers
«If you look at the broad market, it is up more than 1% overall. So, there is a lot of buying pressure in this market. Perhaps the fundamentals you could argue have been frothy for over six months now but the market continues to have run higher,» says Deepak Shenoy, Founder, Capital Mind.
What do you make of the market mood right now because there are people who are waiting for dips to come by. They are calling the markets a bit more frothy, expensive, difficult to find ideas but the liquidity gush really continues and the market continues to trend higher.
Deepak Shenoy: Indeed, in fact, people who have been waiting from pre-election times for the market to dip, they got one, they thought there will be another bit of a dip after that and then the market went up. Last week we saw, what, it is less than a week now and we have seen capital gains tax increase and still the market seems strong. Though today I think the Nifty is kind of lacklustre.
If you look at the broad market, it is up more than 1% overall. So, there is a lot of buying pressure in this market. Perhaps the fundamentals you could argue have been frothy for over six months now but the market continues to have run higher.
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But I do not see the fundamentals too bad in at least the Nifty and in the midcaps
