Though the Nifty moved up by 81 points on Monday, Ambareesh Baliga, an independent market expert believes it to be a correction in a bull market. He sees Nifty closer to about 7400 over the next one and a half to two months.
He believes the market will require a lot of triggers for Nifty to move beyond 7800.
Also Read: PSU banks balance sheets not reflecting reality: Dimensions
Below is the verbatim transcript of Ambareesh Baliga's interview with CNBC-TV18's Menaka Doshi, Anuj Singhal and Senthil Chengalvarayan.
Menaka: At this point of time it looks like 7700 could be reclaimed before we close today?
A: Possible, but my view still remains the same what it was last couple of weeks. I see this as a bounce back in the market which is going to correct. It is a correction in a bull market. So, I see levels of closer to about 7400 possible over the next at least one and half, two months.
Menaka: That is a 300 point fall from here.
A: We saw 200 points correction in two days. We have recovered from there but it requires lot of triggers for the market to move beyond 7800 which will not be there.
Menaka: It is a curious mix of stocks across sectors. So, this is really tough to say that buying has returned in high beta or buying has returned in XYZ. It is pretty much everything, it is metals, FMCG, capital goods like BHEL, oil and gas, what does that tell you even though you expect that the markets will give up another 300 points?
A: I am not saying markets will give up 300 points in the next two days. However, I don't see too many triggers for the market to go beyond 7800 levels and go to 8000-8200. Unless that happens you really can't have people coming in to buy majorly and continue buying. If you don't see a 5-10 percent move from here there is no reason to keep buying.
What had happened in the last 3 or 4 months is people made enough money but in the last one month how many people would have made huge money?
At the same time if you look at the results they have been mixed. The stocks which have moved up heavily, capital goods, look at L&T and Thermax, their results, they are pathetic.
I think the only reason why the market can possibly cross that 7800 levels could be a rate cut which I don't expect.
Stay tuned for more...
Anda sedang membaca artikel tentang
See Nifty closer to 7400 over 2 months: Baliga
Dengan url
http://untukkesehatanda.blogspot.com/2014/08/see-nifty-closer-to-7400-over-2-months.html
Anda boleh menyebar luaskannya atau mengcopy paste-nya
See Nifty closer to 7400 over 2 months: Baliga
namun jangan lupa untuk meletakkan link
See Nifty closer to 7400 over 2 months: Baliga
sebagai sumbernya
0 komentar:
Posting Komentar