Bofa Securities: 'Remain Cautious: Risk- Reward Skewed To Downside'
Amish Shah of Bofa Securities says recently he downgrade our Nifty target to 14.5k. As per Amish Shah, the key risk in their view could be earnings downgrades led by
(1) Fading cheaper inventory buffers impacting margins;
(2) headwinds from likely sustained higher crude;
(3) Rising interest rates;
& (4) Rupee depreciation.
As per Amish Slowing, global growth could over time impact volume growth across sectors and thus he maintains a defensive skew in the suggested India portfolio with Overweight on Staples, Healthcare, Utilities, & Overweight on select domestic cyclical (Financials, Industrials, Autos). Additional maintains Underweight on Materials, Communication Services.
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