Exercise caution while booking profits in sectors like metals: Networth Stock Broking

Prakash Diwan, Head, Institutional Business, Networth Stock Broking in an interview with ET Now gives his market outlook.

What would your take be on the markets right now and what would you be recommending to clients considering the kind of volatility we have been seeing and the medium-term outlook on the markets?

The way the market has panned out today, you have seen market move up a bit and then retrace the gains, which it made and again probably make it to the 5000+ mark. It is tending to match up with his gap, which it created at 5070 levels before the 5140 raises and kicks in, so on the closing basis in the next couple of days for this week if we see that 5070 being crossed over, then probably it is going to be a bit of a healthier stretch next week and we will not be as vulnerable or weakened overnight news flow that can possibly come in from the developed markets.

I would exercise a bit of caution booking profits in certain sectors, which we are not very bullish on like metals for example where you have seen some run-up and be very stock specific while picking up any positions going forward.