Any correction in the market is a good opportunity to buy financials, says Nischal Maheshwari of Centrum Broking.

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“There is a pause basically, given that there is some correction happening in the market I think these are all buying opportunity as far as financials are concerned,” Maheshwari told CNBC-TV18.

“There is some amount of profit taking which we are seeing, so these should be used to buy all these large banks. I believe that quality smallcap banks also should be looked at and some of the NBFCs also, but quality names,” he said.

Maheshwari said he is bullish on stocks like LIC Housing Finance and Ujjivan Financial Services.

He recommends booking profits in bulk drug stocks like Laurus Labs and Granules India, which have risen sharply over the past few months.

“Companies who have been big on the API (active pharmaceutical ingredients) side may not have the same kind of numbers basically which they have shown in the last two quarters because as we get out of these pandemic the hoarding which most of us have done basically of medicines, and that is what has led to record sales for these people, I think that is not going to happen in the next coming years. So you are not going to see same kind of growth what we saw in the last two quarters and for FY21.”

He added, “At these prices one should be taking away some profits from these stocks.”

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(Edited by : Santosh Nair)

First Published:Nov 26, 2020 11:01 AM IST