Earnings season a mixed bag of results: Edelweiss

Excerpts from CNBC-TV18's exclusive interview with Naresh Kothari:

Q: What impact do you think yesterday’s numbers would have on market sentiment and do you think there is more upside in the near-term?

A: For the very short-term 5,100-5,200 seem to be the level that I was convinced where you would see the market trying to touch an intermediate peak and we are getting very close to that level now.

With regards to results, Reliance has been as per expectations, TCS has disappointed all. By and large the banking sector numbers seem to be pretty okay. The capital goods numbers are not really on  par with what was expected and so its been a mixed bag till now on the result front. So we will have to wait and watch for few more numbers to get an idea of how things are.

Q: Do you think the market has moved in to a higher trading range after the move up of the last few days, or our range remains the same, in difficult times it will go back to 4500 Nifty levels again?

A: I personally believe that there is still some time before we should revise our trading range, I am very convinced that there are a bunch of core fundamental negative factors which are in place, and till I don’t see resolution on a few of those and honestly I don’t really see a resolution on quite a few of those given the way the entire commodity prices and everything else around the world is moving, I don’t really see any significant resolution on those parameters and because of that I would not at this point in time be extra bullish and I am very comfortable maintaining that this is a trading market and keep a broad range. It is much better trying to be counter than to be a momentum player in a market like this.