Mkts won't offer much over next 3-6 mths: ICICI Direct

Excerpts from CNBC-TV18’s exclusive interview with Pankaj Pandey:

Q: Would you say that in the current rally and the profit taking we saw from the 4,620 levels, the consolidation we have seen around that 4,320 levels is now fairly well proven and the market could see some good days, some run up in the next few days?

A: I think over the past five days, the Sensex had lost about 6% in value. Some kind of bounce back was expected today but I think overall from a 12,600 to 17,000 levels, the kind of fall we have seen about 50-60% retracement technically was expected in the markets and that is what we have seen to 15,700 levels.

Q: Today’s trade seems like an extremely hollow move if you were to look at the volume picture, which is completely drying up day in and day out - just in today’s trading session 20% below the average day’s volumes as well, what is the sense of the FII participation drying up that you get?

A: If I have to divide this into two parts, one is domestic-cues wise, I think definitely there is a bit of an improvement. But if we see sops like cash given to the fertilizer sector, I would be more happy if the government would have taken steps to boost the revenue. Going forward, I think this kind of a rally that we have seen, it could be a bit of a pullback rally and I do not think that one should make out too much from it. We do not see that markets are going to deliver too much to the investors over a period of three-six months.