Important for mkt to hold on to current gains: Dipan Mehta

Excerpts from Closing Bell on CNBC-TV18 Watch the full show » RELATED NEWS Vora upbeat on Tata Steel, Adhunik Metaliks RIL can maintain momentum: Vora ALSO READ See what other experts are saying about markets See what FIIs are saying about the markets See what Udayan Mukherjee is saying about the markets Nifty BSE | NSE 30/05/12 Are Mutual Funds betting on Nifty?

Q: What is your view on the market?
 
Mohindar: The major breakout that we were looking for that really did happen with the budget event. So if I look at things from a medium to long term trajectory I think they are clearly up. So the question is that on the short haul 5180-5200 is the right number to work with greed. We have that 3-4 day trading range that happened in that half percent move but really the bigger clarity would come in and in fact it would be heartening to see it even goes past 5200. That is not asking for too much, another 20 points or so if that were to happen.

I think confidence will come in but yes some very important signs have started creeping in. I like what I see on RIL pointing to a good 7-8% upside the kind of levels it has taken out today. So the heavyweights are really adding that comfort and giving one the sense that probably we are here to take out those key levels as well.
 
Q: We have been very bored in the last few sessions with the Nifty, but do you think it will finally get back to the January highs?
 
Vora: That is a million dollar question; I hope I had a reply to that but today's this last 30 minute strength in this market also attributable apart from other things to the fact that quite a few people are absent from the market including LIC and some of the other banks which maybe because of bearing the burden of all these new IPOs were in the normal course in the secondary market sellers.

So their absenteeism is also one of the reasons which have given a big boost to all the bulls in the market. So one needs to see how well this gets sustained over the next couple of days and weeks.