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4900-5300 will be new range for Nifty: Devang Mehta
Devang Mehta, vice president and head - Equity Sales at Anand Rathi Financial Services, in an interview to CNBC-TV18, gave his views on how the market will perform going forward.
Stronger-than-expected second quarter result of Infosys has boosted the domestic market, giving it some stability. Devang Mehta, vice president and head - Equity Sales at Anand Rathi Financial Services, in an interview to CNBC-TV18, gave his views on how the market will perform going forward.
Mehta feels that 4,900 to 5,200-5,300 can be a new range for the Nifty but nothing has fundamentally changed in the market.
Below is the edited transcript of the interview. Also watch the accompanying video.
Q: 5,100 is proving to be a resistance, do you think we will have to live with this 4,700-5,100-5,200 range for sometime?
A: 4,900 to 5,200-5,300 can be a new band and nothing has changed fundamentally. We have only seen the sentiments, stock prices, and the Nifty levels changing, but there are still global slowdown fears; the Europe crisis has not being solved.
Q: We have seen a fairly decent amount of upmove in all cable stocks whether it's Hathway , DEN Network or WWIL . Are they still good for more?
A: The market has been sensing this move since the last two-three days. We have seen all the stocks showing a big upmove by 8-9% yesterday as well. The government seems to be out of the policy paralysis mode and some action is being taken towards reforms. So, I see it as a positive step from the government that they are hurrying a lot of important things.
