Investment Advisor PN Vijay says that the market looks okay in the near term. He says that there is major reshuffling of portfolios going on.
People are buying and selling- they are not taking money out, but they are definitely moving stocks around, he says.
He sees a lot of optimism on the macro front. "With the Chinese President coming and Indo-Pak talks getting on, there is a lot of optimism on the macro front. And we are above 8% growth rate for sure."
While valuation concerns still exist, Vijay believes that the market is now set for a 5-6 week rally.
He says, "Ofcourse the valuation concerns are there in emerging markets in general and probably China and India in particular. But I think we are setting ourselves into a nice five-six week type of rally now."
Vijay is quite content with the volume situation currently in the market. "I am quite happy if the volumes stay at these levels, it doesn't concern me really because that is really noise volume as one would call it."
While valuation concerns still exist, Vijay believes that the market is now set for a 5-6 week rally. 
