Should you enter mid-, small-cap & PSU shares at current levels? Investor Vijay Kedia answers

Renowned equity investor Vijay Kedia advised retailers to keep a long-term approach instead of looking out to make quick money in the market. If you (small investor) don't understand, don't buy, Kedia, MD, Kedia Securities, told Business Today TV on Wednesday. When asked if he had done any 'shopping' last month, the market veteran quipped, "Not bought anything. I have been sitting quite, acting as a cheerleader."

"There was a froth in the market, which is currently being corrected. And, this correction can continue. According to me, the previous euphoria in market will calm down," Kedia stated.

The market expert also mentioned that mid-cap and small-cap are still looking expensive.

In response to a query on public sector undertaking (PSU) stocks, Kedia suggested that the counters can see a further dip.

Overall, the India growth story remains intact and infrastructure stocks should be considered as we move forward, he added.

Kedia is known for picking quality stocks early. Last checked, his equity portfolio stood at more than Rs 1,600 crore.

Some of the stocks in his portfolio include Tejas Networks, Atul Auto, Elecon Engineering, Neuland Laboratories, Sudarshan Chemicals, Mahindra Holidays & Resorts, Vaibhav Global, Patel Engineering, Global Vectra Helicorp and Om Infra, among others.

Meanwhile, domestic benchmarks staged a strong rebound today, led by gains across all sectors. The 30-share BSE Sensex pack climbed 2,303 points or 3.20 per cent to settle at 74,382 and the broader NSE Nifty index moved 736 points or 3.36 per cent up to end at 22,620.

Both BSE and NSE recorded around a 6 per cent drop, each, in the previous session.