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“A lot of private banks, PSU banks, certain NBFCs, consumer finance companies – all could probably do well, give and take 5% correction here or there but most of these banks should be good proxy play candidates to play the economic growth. One cannot ignore the banking stocks when you are talking about economic expansion for the country led by capex, credit growth, consumption.”

​This means the average traded quantity of the stock for 5 days along with its cumulative open interest has increased whereas the price has decreased​

“The feeling of missing out (FOMO) is humongous and after the huge rally we have had in power/defence/PSUs, it is the turn of the index heavyweights and this is just starting. There will be a little bit of volatility because of the inflation numbers in the US but India is an outperformer and now the benchmark is set.”

"If we consider the recent flow patterns, China has received 6 times the FPI flow that India has received over the last 5-year period. So, if the Sell China – Buy India narrative continues, we might see continued FPI purchases over the next few years, especially if they are willing to look beyond the slightly elevated valuations at the moment."

“We are seeing more and more trading positions being loaded onto the market. And leverage positions also I suspect are coming through. So, it is a situation where we are near entering a parabolic zone, which means that from here prices can easily go into some kind of a bubble territory. ”

The MCX October gold futures were trading up by Rs 35 or 0.06% from the Monday closing price at Rs 58,965 per 10 gram on the MCX while the December Silver futures were trading at Rs 72,160 per kg, higher by Rs 218 or 0.30%.

“But yes, going forward, if capex is going to be the buzzword for government as well as private capex, defence spend for government, railway spend for government is on the rise. Selectively, yes, we will be buyers in some of these businesses, but not all these businesses for sure. ”

The market breadth was in favour of the bulls as 36 stocks in the 50-share Nifty50 rose around 9:25 am. The top gainers were Larsen & Toubro, JSW Steel, ICICI Bank, Sun Pharmaceuticals and Divi’s Laboratories while the top losers were Adani Enterprises, Hindustan Unilever, Adani Ports & Special Economic Zone, BPCL and Nestle India.