Markets to remain range-bound, be stock-specific: Mayuresh Joshi

In a chat with ET Now, Mayuresh Joshi – VP, Institution, Angel Broking, shares his outlook for the market. Excerpts:



ET Now: What do you make of the current set up? What do you think will be the next pivotal point for the markets to take direction from?

Mayuresh Joshi: There are very few domestic triggers and I have been maintaining for the past few months that it was only the liquidity that took the markets on a spree. Though the Brent crude price fall is a substantial improvement for the twin deficits of the economy, but in the absence of any other domestic triggers, in terms of reform processes and policies, I believe that the markets will be range-bound. Probably the best strategy to play the markets as of now would be being stock-specific. Geopolitical tensions could play a truant on the markets. Therefore, there is more downside risk to the markets rather than the chances of the markets reaching the 8200 mark. I have a stock-specific light approach rather than being very aggressive at the current juncture.

ET Now: What are your top ideas and how do you propose one should allocate money?

Mayuresh Joshi: The top IT names, selective pharma names like Dishman, Dr Reddy’s on declines make a good buying opportunity. Within the cement pack, we like a midcap counter for Mangalam Cement, where we see huge amount of growth opportunities and substantial EBITDA expansion.