Approach markets with caution: Milan Vaishnav

The Indian markets started Friday’s session on a positive note amid positive global cues, but erased early gains soon after amid high volatility.  The Sensex was up 76.39 points or 0.14% at 52913.60, and the Nifty was up 21 points or 0.13% at 15845 in early trade.

Zomato made a stellar debut on Dalal Street on July 23 as the stock opened at Rs 116 on the NSE, a 52.63% premium to its final offer price of Rs 76.

Milan Vaishnav of Gemstone Equity Research spoke to Money9 and said, “There are no clear signs of a breakout. We need to approach the market with caution. I would focus on Nifty for trading on index. Overall it remains a stock picker’s market”

On the broader market space, he believes while for the day, the space could see traction but not for the short term.

On the sectoral movement, he said that the on metal stocks there may be some upside still left although there may be some choppy movement in the near term.

Stock Recommendations

Godrej Properties | Buy | Target: 1620 | Stop Loss: 1528

Ashok Leyland | Sell | Target: 118 | Stop Loss: 127