Don't chase high beta stocks in momentum market: P Phani Shekar

In a chat with ET Now, P Phani Sekhar, Fund Manager-PMS, Karvy, shares his view on the direction of the market.

ET Now: It has really been a good move. The global markets are aiding it. But that is fickle as we do not quite know for how long it will last. I heard you mention that we will run into resistance soon. But even if we do that, is seems to be a great time to go out and buy individual names. What is your view?

P Phani Sekhar: That is right because ultimately over the long term it is not the market that make you money, but individual names.

ET Now: You know how it is. Our readers would want to know whether they may get much better opportunities to buy.

P Phani Sekhar: So if you are considering high-beta investment, then tactically you will get better opportunities. As a rule, you should not be chasing high-beta stocks in market momentum. You will get better opportunities if you are chasing high beta, if you are looking at defensives then it is as good a time as you need to go and buy.