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The new-age company is commanding a solid premium of Rs 570 apiece which is more than 50 per cent of its issue price. The premium in the unofficial market fizzled out marginally from Rs 600 following the sharp decline in the secondary market, led by FII selling and disappointing Q2 earnings.

“The underperformers are going to be the basket that could give you serious returns over the next 6 to 12 months. So our view at Goldilocks is to stay away from the high fliers of the last one year and stick to the underperformers. That is where the real return will be made.”

The stock quoted a 52-week high price of Rs 724.5 and a 52-week low of Rs 398.75.

As of 30-Sep-2021, promoters held 55.99 per cent stake in the company, while FIIs held 17.88 per cent and domestic institutional investors had 13.17 per cent.

Overall, the most bullish bet suggests Sensex at 72,000 and Nifty at 21,500. The most bearish bet sees Sensex at 55,500 and Nifty at 16,500.

The Relative Strength Index of the stock stood at 48.75 on Monday.

Reliance Securities said Policybazaar IPO is valued at 22.1x FY21 book value and 46x on market cap to FY21 sales, which looks stretched.

“In case of IRCTC, the government needs to come out with its policy in terms of the concession fees and the sharing ratio which will remove the overhang for the company as well as have a clear stated policy for all its PSUs which are listed. ”

Banking is expected to do well over the next 12 to 18 months specifically given the fact that the NPA cycle is behind us, the credit growth is picking up.

“We believe investors should trade carefully in the coming 2-3 days as international markets may have some uncertainty or challenges before the coming FOMC meeting,” said Mohit Nigam, Head - PMS, Hem Securities.