SP Tulsian of sptulsian.com is still positive on the market and expects to see some renewed buying in this week.
It was another day of weak trade on Dalal Street. The 30-share BSE Sensex was down 91.69 points at 32,941.87 and the 50-share NSE Nifty fell 38.40 points to 10,186.60, the lowest level since October 23, amid volatility.
Market experts SP Tulsian of sptulsian.com, Prakash Gaba of prakashgaba.com, Mitessh Thakkar of mitesshthakkar.com, Mehraboon J. Irani, MD & CEO Gini Gems Consultants and Ambareesh Baliga shared their view on the outlook for market going forward and discussed stock specific action.
Baliga says the correction in the market is a worry because so far earnings season has been decent, liquidity has not gone off, there have been decent amount of announcements from the government. However, going ahead there are Gujarat elections, so it is unlikely we will have major announcement in the next 30-45 days, plus oil prices are likely to move up, macro numbers to are subdued - with all these factors in play, one is worried if 10,000 on Nifty is likely to hold.
Therefore, before deploying more money into the market, he would see if 10K on Nifty holds and if it does not hold, then over the next month and half market will give decent opportunities to invest, says Baliga.
Tulsian says market seems to be quite under owned, quite oversold and it does not look like the disappointment was on earnings per se. So probably may see renewed buying in the week post this consolidation. He is still positive on the market.For the entire discussion, watch video