Not in a hurry to buy now, but will hold on to IT stocks: Dilip Bhat

economictimes.indiatimes.com:

Market expert Dilip Bhat says he would still feel that one need not be in a hurry to buy, one can wait and watch and get stocks lower and if not downwards, at least sideways. Markets are good and even at the current level index-wise, much ahead of the implicit fundamentals.
Bhat says: «Whether it is midcap, whether it is frontline, all stocks have rallied significantly well. Maybe a few here and there have corrected but by and large, I think they are still trading in an overpriced zone.»

It looks like the era of double-digit growth is going to take time to come back for the IT companies.
In IT companies, we have seen a lot of things happening, a lot of events that have taken place and in a sense, it is changing the picture a lot more than what we earlier thought. It is a lot more dynamic, earlier we all were so bullish about digital, the cloud and all those things. While those things still continue to be on the radar, AI has taken the front seat at the moment and possibly that also is going to change a lot of things, especially in terms of how IT is going to address these particular issues especially on the headcounts.
So, taking all these factors into account, although none of the IT companies have given any great guidance, my own sense is that a lot of it has been reflected in the prices. So, I do not think there is going to be any negative surprise there for IT.

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Going forward there is bound to be some kind of positive news which will trickle in sooner or later and