Pull up your socks, ignore the fear and buy the stocks you want most: Sanjiv Bhasin
Sanjiv Bhasin, Director, IIFL Securities, says: “ This is the time to pull up your socks, ignore the fear and buy the stocks which you most wanted to and hopefully by Tuesday, Wednesday, we should be back to normalcy as far as the VIX goes and then we will take it with global cues.”
Bhasin further says: “The pessimism on certain stocks and sectors has been overdone. Some of the largecap banks like HDFC, ICICI are looking very good, and of course, some of the PSUs. But the real killing will be in the commodity stocks. So, Coal India, Vedanta, NALCO, SAIL, Tata Steel basket is looking very strong. From their highs, the stocks have not even corrected 5%. If this market trends, which according to me on Tuesday, fingers crossed, then these stocks are headed to new highs. ”
It is getting a little worse out here? When was the last time L&T fell that 6% or so and I am not even getting into other individual names here where the selling was excruciating. What is the strategy now? Do you throw in the towel and sell into the market or wait patiently because you see some recovery in store?
Sanjiv Bhasin: What a week! Last Thursday, I was with you in Mumbai and we were hitting new highs and I told you to take some money off the table.
One week is history in the stock market but now I can safely say by Tuesday we will be past this whole fear psychosis on elections and numbers and so on. So, start if you have raised cash, this is the time to start deploying.
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