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Vishal Malkan recommends Canara Bank and Cummins India in the banking sector. In the metals sector, Jindal Steel and Nalco are favored picks. For potential gains, within the telecom sector, he will prefer Indus Tower to Bharti Airtel, Voda Idea or Jio. He is also advising a cautious approach to small and midcap indices.
In terms of sectors, the auto, bank, capital goods, power, realty, and telecom sectors observed gains ranging from 0.5 to 1%. However, the metal, IT, and media sectors experienced marginal declines ranging from 0.3 to 0.5%.
Amit Khurana discusses market correction trends, preference for bottom-up portfolio allocation, identifying opportunities in small and midcap stocks, backing real estate, alcobev, mid-sized banks, affordable housing, and midcap cement amid corrections. Khurana says: "This market is moving into a zone which is showing signs of correction. Some have played out and some are yet to play out."
Immediate supports for the Nifty are seen at 21,448 and 21,137, derived from the previous swing lows.
While midcap and smallcap indices rebounded by more than 45% from their lows, the real show stunner has been SME IPO delivering 113% growth over the past year.