Negative global cues putting pressure on markets: Sudip Bandyopadhyay

In a chat with ET Now, Sudip Bandyopadhyay, President, Destimoney Securities Pvt Ltd, shares his outlook on the market. Excerpts:

ET Now: How do you read into this nervousness? Do you think it will go on for the rest of October?

Sudip Bandyopadhyay: I am not sure about the rest of October, but at least for the next few days the nervousness will continue to remain.

There are a few events, which are happening around the world, which are putting pressure on the markets. We have the World Bank downgrading the growth estimates of China for the next three years. The German numbers are worst in the last five years. So obviously, there is a fear about the global economy which is playing on the nerves of the market.

The US dollar is strengthening. That is putting pressure on a lot of things. So overall, there is a sense of caution coming back to the market and domestic investors also are taking some profit out of the table and probably will be watching cautiously.

ET Now: Where would you park your money assuming that there is going to be near-term choppiness? Where would you hide?

Sudip Bandyopadhyay: I will look at a few select stocks in the agriculture-related sector. There is enough and more potential there. Just to take a name, let us say Rallis India.

It is a great stock and its performance has picked up. Things are going their way and there is enough and more scope from the current levels for it to appreciate. I will also look at stocks like Monsanto and Kaveri Seeds.


ET Now: What is it that you would recommend from the near-term perspective?

Sudip Bandyopadhyay: Rallis looks an extremely good buy at the current level. We are looking at a target of around 300. The other stock we are bullish on is IFB Industries. It is in the consumer durable space. The season for a consumer durable upswing is near us and the company has been performing very well and is still available at a reasonable valuation compared to its peers.