Wouldn't like to buy into telecom stocks right now: Deven Choksey

In an interview with ET Now, Deven Choksey, MD, KR Choksey Securities, shares his views about investing in telecom space.

ET Now: Is telecom a good group to bet on in this kind of an environment?

Deven Choksey: Well, if you do not have any choice and want to park money, then you may invest in telecom space. But, I believe that this is the time to stay on cash. Even if the telecom sector is not having as many headwinds currently, I believe that the valuations which most of the telecos are quoting right now is not inspiring any confidence to buy them into this market.

On the contrary, I would keenly watch some of the significantly battered down and oversold stocks in different sectors to buy into the portfolio when the market gives opportunity at the most lower levels. In such situation, you could possibly find some of the good quality stocks which are having cash in their balance sheet and a growth trajectory built in.

One could buy such companies at lower levels with cash ready in hand. I wouldn't like to buy into telecos. At some point of time, Bharti Airtel would become attractive at lower levels but that would be a trading position buy and not an investment buy.