No longer-term concerns in many small, midcaps; maintaining 15-20% cash to buy on dips: Sandip Sabharwal

economictimes.indiatimes.com:

Sandip Sabharwal, asksandipsabharwal.com, says “the consumption slowdown is a reality and when it will bottom is tough to say. But normally, it tends to bottom once inflation gets stabilized and then there is a pickup. Hopefully from this quarter, we see some signs of a pickup that could continue into 2024.”

The markets went up, ignored all the worries and now the reality is just dawning on us. It is the other way around.
Sandip Sabharwal: I think the reality of what is dawning is that the results which were expected might not be as good as what people were expecting. And that is what we have seen with the largecap technology results, which excited a lot of people, but I think the worry is out there and next year will not be as good as what people expect. Then we had insurance companies, which also disappointed and HDFC Bank. Now IndusInd Bank's results are slightly different from HDFC Bank in that they were able to maintain their NIMs but then there is some stress on the balance sheet, so they use their contingency reserves to show better results. The markets overall, are fully priced in a sense. We need some sort of value correction, some sort of time correction, for the markets to become healthy overall for a patient investor.

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I saw your tweet, “everyone is asking me at what level to buy HDFC Bank?” Now that is the right question. The numbers were not that bad. That is an indicator, the appetite is still there, the bulls are still happy to buy HDFC Bank, but is that