Markets are in over-bought zones: Vinit Bolinjkar

Profit booking in stocks like Bajaj Finserv, Bharti Airtel, and ICICI Bank capped gains in benchmarks after they hit record highs. The frontline index Sensex was trading higher by 87 points at 56,046 levels while the Nifty50 was at 16,672 levels, up 47 points in the afternoon trade. Vineet Bolinjkar from Ventura Securities spoke to Money9 on the best way for investors to strategize in the current scenario.

"Markets are in an over-bought zones. The consumption space is seeing traction on the back of movement from unorganised to organised market", he said.

Among sectors, he believes metals will continue to shine while infrastructure will see more traction given the fact that the monetisation policy is picking pace.

"Like all segments like steel, pure play infrastructure and even cement while tracking the theme. On the other hand the auto space is facing pressures of input costs rising so investors must stick to select quality names like Maruti, Tata Motors. In two wheelers one can only look at positional trade for the short term right now", he added

Among the key stocks on his watchlist, he said, "I like recent listings like Devyani International, Nuvoco while would wait for Zomato to buy at around Rs 100 levels"