It’s early Diwali for Indian markets, but book your profits now: Sanjiv Bhasin, IIFL Securities

Indian stock market indices Nifty and Sensex scaled record highs on September 24, 2021. While the Sensex hit a high of 60,333, climbing Mount 60K for the very first time, Nifty moved between 17,857.50-17,947 range in the early session. Market veteran Sanjiv Bhasin, Director IIFL Securities spoke to Money9 to share insights on what to expect from markets ahead.

“Kudos to everyone who invested in markets. 60,000 is not an easy number, yet one must not be swayed by the rally. The good news seems priced in so keep booking your profits if you are a trader. India seems to be in a sweet spot, the tax collections are high, the vaccination pace has improved and revenge spending is coming in a big way. Indian markets are an outperformer but going ahead I will be wary going forward as further highs cannot be achieved without a meaningful correction”, he said.

Stock Recommendations

HDFC Life | Buy | Target: 850 | Duration 3 months

RBL Bank | Buy | Target: 270 | Duration: 3 months

IRB Infra | Buy | Target: 250 | Duration: 3 months