Avoid midcap stocks for 2-3 trading sessions: Bhamre

Siddharth Bhamre of Angel Broking is of the view that one may avoid midcap stocks for 2-3 trading sessions and advises holding on to largecap stocks.

Siddharth Bhamre of Angel Broking told CNBC-TV18, "We continue to maintain our long positions. Technically this market has not corrected or not shown any meaningful dips. When I say meaningful dips I am just talking of 50-60 points, that is less than 0.50 percent since last one and a half months. Approximately around February 14-15 this market started rallying. We are waiting for dips to buy. Those dips have not come. One can categorise domestic participants into two categories, one who was bearish and second one who was bullish but did not participate. It is only FIIs who are participating in this market."

"Now also people are getting frustrated because there is no dip. PSU banks and midcap stocks have gone up by 10-20 percent in a week's time, infact midcap stocks going up 10-15 percent in a days time. This is a frustrating rally by people who have not participated. Today most of the large caps were sedate. What we are expecting for next couple of trading sessions is that this market would now probably take a pause or show 60-70 points correction in next two trading sessions – Monday or Tuesday. In this 60-70 points correction which does not change our view on the overall trend is that we are positive on markets. People who have missed out on big rally from 6150 to 6700 would get trapped in midcap stocks which they have gone long. In this 70-80 point correction midcap stocks may correct significantly, I am talking about 8-10 percent which would certainly trigger their stop losses because even if they have gone up 10-12 percent in a single days time frame, people have not got in when they were one or two percent up. They have got in when stocks were already 7-8 percent up. So, market remains in a positive trend. The dip may come in next 2-3 trading sessions. However that dip may not come in large cap, they would come in midcaps where people are long," he said.

"So, continue to hold on to long positions in Nifty, Bank Nifty and large caps. Avoid midcaps for 2-3 trading sessions. That would be our advice for the coming week."

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