Published on Tue, Nov 28, 2006 at 09:42 | Source : Moneycontrol.com
Updated at Wed, Nov 29, 2006 at 10:42
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Expect some selling pressure: Ajay Srivastava
On the back of global cues being weak this morning, Ajay Srivastava of Dimensions Consulting expects to see some amount of selling pressure reflected in Indian markets.
On the back of global cues being weak this morning, Ajay Srivastava of Dimensions Consulting expects to see some amount of selling pressure reflected in Indian markets.
However, in sync with the trend over the past few days, he does expect to see some value-buying happening later in the day. "You see a lot of value buying which emerges later in the afternoon and that's what is holding the market up."
"All of us are feeling that a correction is overdue; it's not happening and it's frustrating everybody right now" he states.
He says there is a liquidity overhang in the market currently, and a lot of buying interest. But at the same time there are a lot of people who would like to book profits now and wait for a while before entering the markets.
He says that as and when the correction does come in, the Indian investor is likely to flee the market the fastest.
"I don't think there will be so much support if a stiff correction comes in. Nobody is anticipating it, but this liquidity will evaporate in a minute the moment you see a correction, with the Indian investor running the fastest."
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He says there is a liquidity overhang in the market currently, and a lot of buying interest. But at the same time there are a lot of people who would like to book profits now and wait for a while before entering the markets. 
