Nifty50 could drop 1,000 points until budget 2022: Macquarie
The Nifty50 corrected nearly 5% over the last month and is now trading in the early 17,000 years from the odd level of 18,000. Sandeep Bhatia, Country Head India at Macquarie Group, believes a further correction could be made. imminent, as valuations are currently expensive and a drop of 1,000 points for the Nifty50 through budget 2022 is a possibility.
“India has seen its valuation reach over three times the standard deviation, it has been very expensive compared to its history. We could definitely see a correction occur in valuations at all levels in this market,” he said. he declared.
Bhatia believes there are plenty of opportunities to invest in selected stocks and sectors, but at a broader level, he believes emerging markets like India will experience some correction.
“There are opportunities in some of the names, even in the banking sector, even if there is a correction – ICICI Bank is one of those names, which we can look at if there is a correction on the market, ”he said.
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On the other hand, the current rush for the IPO has not thrilled the boss of Macquire India and he remains cautious on Paytm.
“In the IPO space, we remain cautious on Paytm. This is a security we have initiated on,” he said.
(Edited by : Abhishek Jha)
First publication: STI