Market providing opportunity for value buying at lower levels: Deven Choksy

In a chat with ET Now, Deven Choksey, MD, KRChoksey Investment Managers, shares his market outlook.

ET Now: It is a tricky period. We are not having a conclusive move in markets at large across, India being no exception. There are odd days when the market is up a percent and then this followed by sudden downward moves for the next couple of days as well. What are you doing right now, are you cherry picking some of those investment themes or you are just staying away from the market currently?

Deven Choksey: Well, given the fact that in the western markets due to the Christmas holiday, they are going to be having less activities in other markets, that probably would benefit India by default as I would call it and given that situation where the amount of selling attack is less in the market, I would think that the market would probably remain steady till maybe the first week of December and thereafter, it would move in a direction of results.

Till that point of time, I believe, that the market should remain steady. Individual stocks possibly should perform better compared to what other expectations about the market direction is largely because in many of the stocks we see a good amount of value buying taking place at lower levels in the market. In any corrected downside in the market, some of the midcap stocks, some of even large cap stocks are seeing buying from at least the closer corners in the domestic markets.

Given that kind of situation in which we are right now and given the fundamental confidence that we have in select stocks, I feel that it may be a good time to concentrate on individual stocks vis-à-vis the overall market and that gives the opportunity for doing value picking at lower levels and at the same time making decent gains in the portfolios from the investment point of view when you get them at lower levels.

Certainly, concentrating on the individual stocks vis-à-vis the overall direction of the market. While definitely keeping a view point that in this period when the FII activities are less, it will remain positive for the market or give steadiness to the market at least from the point of view of seeing the indices.