Speaking on the FII selling that’s taking place, Ratnesh Kumar of Anand Rathi Securities said that after the run in the markets in the last few months some amount of profit-booking was inevitable.
With regard to the expectations from the Budget and markets’ performance, Kumar said that some amount of cut in the rally is expected. He feels the market may see a 10%–15% consolidation prior to the Budget.
Mkt may correct further; buy at 4100 Nifty: Emkay
The Indian markets have been in a consolidation phase for a while. Krishna Kumar Karwa, MD, Emkay Global Financial Services, said that the Nifty would find strong support at 4,100 for the next 10-15 days, adding that he did not see any aggressive positive news flows in the near term. Karwa said valuations were currently rich and the consolidation and price correction were justified.
Karwa recommended entering the market once it fell to 4,100 as the outlook for the market in the long term was positive given that the Indian economy would grow 6-7% and corporate earnings were likely to jump around 15% higher. He added that he saw no upside beyond 4,500 in the Nifty now.
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