Mkts may cross 15,700-15,800 levels: Experts

Ambareesh Baliga of Karvy Stock Broking said, "I do not think that the market is really nervous about that because if the markets would have nervous we would have seen the consolidation with a negative bias, which is what we were expecting earlier when we said that possibly the markets would be in the region of 14,500 to 15,500. But now, the way it is going, it is actually consolidating with a positive bias. So it is possible the way the markets are going; we could soon cross those 15,700-15,800 levels without really making too much of noise."

He predicts the re-emergence of midcaps. "The way the midcaps side is moving, there seems to be reemergence of interest in this space and there seems to be some decent amount of buying happening in the midcap space so going ahead at least for the next couple of weeks it seems that the midcaps will outperform the largecaps especially in the largecaps you see consolidation happening but you will see a lot of movement in the midcaps," Baliga said.  

Venkat Subramanium , Director, Gryffon Investment Advisors says, "The markets are one more baby step towards the de-coupling that we've been talking about; not reacting on a one to one basis with the US news flow. So, from that point of view, its heartening to see that we didn't crumble today but for the last one month we have been sort off tuned into this subprime channel so intensely that our market has been ignoring both the positives as well as perhaps some concerns within our own market. So for the time being, I think we are still coming out of that subprime mentality. But on our own, we are looking good. The latest numbers are quite good on the economy front as well as the corporate results. We are in a reasonably healthy market both in terms of the valuation and the investor sentiment etc; so far so good."

Looking ahead, he says, "We have a bit of momentum going and that it is showing a little bit of divergence from the US is good though it some what surprising because still last week we were quite worried about that but from a trading point of view. You need to remember days like this also; with days when we were plunging below 4,000 on the Nifty and those concerns perhaps will come back with some more news flows. News flow on the US front will continue to be bad and perhaps get worse on the housing front. But also the flip side of that is they are dealing with it. We are going to get whatever it takes from in there own words, whatever it takes to try and soften the blow so from that should help rest of the equity markets around the world. So from that point of view, we may not see too much of a down side. But from a trading point of view, perhaps we are at a stage where you want to be little careful. 4500 on the Nifty is lofty level for the near term."