Nifty will hit 20k backed by banking and cars: Harendra Kumar

Updated Oct 28, 2022 | 21:42 IST

Harendra Kumar, Managing Director, Elara Securities India joins ET NOW to discuss Markets forward and portfolio approach. He shares his view on setting up India at the moment: “Markets are conflicted over which direction to go, but India is holding out, backed by private investor support,” he says. He further emphasizes that Nifty touch 20k is supported by banks and cars, technology that is likely to be challenged. He believes Nifty has some headroom; in the short term, some optimism can be expected from the markets. Auto index looking to come back to play coupled with massive earnings growth and an easing of the semiconductor problem. He recognizes Power stocks as another growth area and expects ROE to double in the future. Energy mix is ​​now central. Globally, he believes that markets are currently trying to price in a recession. Inflation has not been a major concern in India. He believes that CPI and WPI are not very high vs pre-covid levels. He believes that absolute price levels are manageable at the moment. “The market will wait and see the policymakers move,” he adds. Listen in! #harendrakumar #niftycall #sharemarketexpert

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