In an interview to CNBC-TV18, Udayan Mukherjee shared his reading and outlook on the market.
Market could not breakout of that 10,100 using the Reserve Bank of India (RBI) policy and there was a mild tinge of disappointment after that. We may be stuck in that range for a bit longer till the market can make up its mind whether it has enough going for itself to breakout of that range and move one notch higher. Otherwise we might see this kind of tinging around between 9,900 and 10,100. There is clearly some overhead resistance, you are seeing some FIIs selling which is coming in at higher levels as well above 10,000, so I am not entirely sure that the market has the energy right now to make a significant stride forward. It can, of course we have seen all through this year that the market every time we have doubted it, has climbed higher, he said.
It is not looking weak. I don’t think the bears are in control of the market right now, they don’t appear super confident either, but a little bit of tiredness is creeping in at higher levels. We might labour on for a couple of 100 points more but we are probably more or less nearing the end of this one way journey for some time at least, he added.