While retaining his bullish view on the domestic equity market, Atul Suri, CEO of Marathon Trends, said that companies namely Abbott India, Apar Industries, Federal Bank, Hindustan Aeronautics, ICICI Bank, ITC, Navin Fluorine International, Siemens, SRF and Varun Beverages are among the top 10 holdings of his portfolio management service (PMS).
The fund managers further added that his PMS managed to deliver around 2 per cent return to investors in March when the benchmark equity index NSE Nifty and BSE Sensex gained just 0.32 per cent and 0.05 per cent, respectively.
Sharing his views with investors on Marathon Trends’ YouTube channel, Suri said that recent changes in the portfolio are now playing out. “It's important to be reflexive and aligned with the trend,” he said adding if the Nifty breaks out the 18,600 mark then the index can reach the target of 21,500. The 50-share index Nifty was at 17,599.15 on April 6, 2023. Indian equity markets are closed on April 7 on account of Good Friday.
“Despite the pain in the short run, we continue to remain optimistic on the market. At the moment, I feel the risk-reward is in favour of the equity market,” Suri said.
Commenting on Abbott India, the money manager said that the stock is showing good relative strength. When the BSE Pharma index is under a corrective phase, shares of Abbott India are hovering around their lifetime highs. “Abbott India will be among the first to break out and give us some very good returns,” he said.
Apar Industries is also showing bullish signs. “There is an outstanding accumulation of volumes and volumes connected with the price is always the very positive thing,” Suri added.
Midcap banking stock Federal Bank also looks good to Suri as the lender stood almost resilient during the whole Adani saga when the banking sector witnessed selling pressure. The market watcher also prefers ICICI Bank over HDFC Bank and Kotak Mahindra Bank as he likes industrial-facing banks amid the present market conditions. “ICICI Bank continues to look impressive on charts over the long run,” said Suri.
Shares of SRF rallied 11 per cent in March. It was followed by Abbott India (up 9.4 per cent), Apar Industries (8.9 per cent), Varun Beverages (up 6.5 per cent) and Hindustan Aeronautics (up 6.1 per cent). Navin Fluorine, ICICI Bank, Siemens, The Federal Bank and ITC gained somewhere between 1 per cent and 4 per cent last month.
(Disclaimer: Stocks mentioned in the article are for information purpose only. Consult your financial advisor before taking any position in these stocks.)
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