Ridham Desai of Mogan Stanley thinks cyclical stocks still have upside left as investors are in the process of switching from defensives to cyclicals in anticipation of a economic recovery.
Morgan Stanley's Ridham Desai feels investors should be invested in cyclical stocks at this point. In an interview to CNBC-TV18's Sonia Shenoy and Nimesh Shah, Desai said he is recommending investors to buy automobile, energy, cement and private bank stocks. He is however, bearish on capital goods shares, as he feels an upswing in capex cycle could take longer than what the market is expecting.
Desai sees technology stocks as contrarian bets, which could pay off over the longer term.
While the market is pleased with RBI's dovish tone at in its second credit policy, Desai feels that may not necessarily be a good thing for the market. According to Desai, the dovish stance is a positive only if the government backs the central bank's efforts to rein in inflation, with a credible fiscal consolidation plan.
Desai thinks cyclical stocks still have upside left as investors are in the process of switching from defensives to cyclicals in anticipation of a economic recovery.
He is cautious of investing in FMCG shares at this point because of high valuations, and feels autos offer a better risk-reward ratio.
Also read: Morgan Stanley sees secular bull run; Nifty at 10K in 2 yrs
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