Don't buy this dip, wait for the next one, says CA Rudramurthy BV

CA Rudramurthy BV advises against buying the current Nifty dip, suggesting traders wait for an entry closer to 23,800, with resistance placed at 24,300. He flags Bank Nifty's underperformance over the last two to three sessions as a warning sign that momentum is fading, and cautions against buying IT stocks such as TCS and Infosys despite cheap valuations, arguing that AI-driven structural change means only one of the three required conditions (great business, fundamental recovery, valuation comfort) is currently in place. His high-conviction stock pick is NBCC, which has formed a rounding bottom with support in the 100 to 105 zone and is breaking out above 110, with initial targets of 135 and 150 and a longer-term view of 180 to 200, with a closing stop loss at 105.