Key Points
When these stocks start correcting, you may not even get that opportunity to exit and these signals were visible to me from yesterday and today also we saw underperformance in the midcaps and smallcaps which is definitely a worrying call for me...
Now one has to understand we are nowhere closer to 20,200 Nifty where I was in fact recommending a short call and we have already corrected 600 points on nifty from those levels and Bank Nifty has also corrected about 1500 to 2000 points from the highs..
I will be very cautious on midcaps and smallcaps and unless you are a long-term investor with a stock-specific fundamental call, do not just buy into momentum..
First signals of weakness were seen yesterday in especially NBFC stocks but I would not recommend a short in Bajaj Finance where company specific even the updates what they gave and even their fundraising everything has been very positive...
At current market price, it is a great risk reward to sell M&M Finance looking at targets initially of Rs 274 and even further down, if Rs 274 support gets broken.. I will be keeping a tight stop loss of Rs 293 for this sell call..
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