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“In the current scenario, you might want to wait for a 10-15% dip in Zomato before you get into it because we are no longer in a momentum-driven market. The storyline is very good, the potential is great, but it makes sense to kind of wait for some small correction before you enter.”

On the technical charts, the RSI of the stock stood at 29.74.

Profitability increased both on a YoY and sequential basis across sectors, led by stable-to-higher product prices and stable-to-lower raw material prices. Among the 40 companies were four public sector banks, including the country’s largest lender State Bank of India.

“This railway stocks’ story will go on for another year or so. Of course, there will be some pauses in between. BEML, Titagarh Wagon, Ircon, RVNL are some of the stocks where one could consider playing this momentum and one could definitely look at this theme from a 6-12 months’ perspective.”

A total of 29,153 shares changed hands on the counter till 10:56AM (IST)

India VIX was up by 1.04% from 12 to 12.12 levels in the previous trading session. Volatility rose above 12.5 during the day but later cooled off thus paving way for the bulls at support zones.

Market generally does not move in one secular direction. There would be bouts of strong up moves and sometimes sharp down moves along with consolidations.

Though valuations are nowhere as cheap as they were till a few months back, there are still pockets of undervaluation. However, we are cautious on markets.

Nevertheless, during these challenging times, we are cautiously optimistic. Our capacity to adapt to the changes and maintain agility has been symbolic in our journey, and we intend to continue delivering the same.

"Although the market is expecting an earnings rally in India for the next few years, purchasing at these valuations offers lower expected returns. We need to be cautious about because from these prices unless your thesis plays out as you anticipate, it is going to be hard to make money. "