What to do with Yes Bank, Canara Bank and 4 other stocks? Aamar Deo Singh of Angel One decodes
With India VIX jumping 43% in May, it is advised to market participants that they remain cautious in building fresh positions and it would be prudent to adopt a wait and watch policy, and focus on quality stocks with a longer-term perspective, and that also in an SIP mode, Aamar Deo Singh, Senior Vice President-Equity, Commodity & Currency at Angel One said. This analyst spells-out strategy in previous week’s major movers viz. Manappuram Finance, Canara Bank and Yes Bank and three more stocks. Here’s what he recommends:
A hard week for markets with Nifty declining 2.6% WoW. Do you see this as an election led correction or there is more and what levels should one watch out this week and in the run-up to June 4 when the outcome unfolds?
Aamar Deo Singh: Investors appear to be adopting a cautious approach ahead of the outcome of the general elections, and that is evident in the markets as a broad sell-off is visible across sectors.
Further, with a lack of positive global and domestic cues, relentless selling by FIIs to the tune of almost Rs 25,000 crores in May itself, increasing interest of FIIs in Chinese markets which are trading far cheaper as compared to Indian markets and receding hopes of an early rate-cut by the US Fed, are few triggers that continue to impact the markets.
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