Dolat Capital: Return Of The Mid Cap And Small Cap
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Dolat Capital Report
The Nifty 50 is now above the 13,000 mark, having rallied 20% odd from the lows of September 2020.
It is now reaching more or the less the upper end of our comfort zone with valuations at 20 times FY22E. We are therefore turning cautious on the index from now on even though liquidity and momentum remains supportive.
But eventually this will normalize too as the MSCI rebalancing and year end foreign portfolio investment flows normalise.
The scope for the Nifty to sustain can come from Reliance Industries Ltd. (down 11 pc since September low of Nifty, under performance of 30% versus Nifty), IT Services (up 13%, down 5% versus Nifty) and Pharma (up 1.8%, down 16 pc versus Nifty).
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