Mkts to go down from current levels: Baliga

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Mkts to go down from current levels: Baliga

Ambareesh Baliga of Karvy Stock Broking says that the volatility in the market should continue today.

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Excerpts from Bazaar on CNBC-TV18 Watch the full show » 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 BSE | NSE 01/01/70 Are Mutual Funds betting on ? Other Stocks in this news Century Textiles and Industries | Avantel | Bartronics India |

Ambareesh Baliga of Karvy Stock Broking says that the volatility in the market should continue today.

Taking into consideration the international markets and looking at the fiscal deficit figures, which have come out, he expects the markets to open more on the lower side today or he expects the markets to remain flat, but he does not see the markets opening on the higher side today.

He is not very positive on the markets and he feels that the markets will go down from the current levels.

Excerpts from CNBC-TV18's exclusive interview with Ambareesh Baliga of Karvy Stock Broking:

Q: How are you feeling about trading in the markets and what did you make of the last half an hour of volatility yesterday?

A: That would continue this morning too and looking at the international markets, fiscal deficit figures, which have come out, I do not think that the markets can actually open much on the higher side. I think it will be more on the lower side or flat. Throughout the day it should be a bit negative, so I am not too positive on the markets today, infact I see the markets going down from the present levels.

Q: Coming out of earnings season, what have you recommended your clients to do with their midcap holdings?

A: We are asking them to hold midcaps selectively because we have some views, the results have been decent and we are asking people to hold on. But then if the market overall starts moving down, then I really do not see the midcaps holding for too long. So basically, we are postponing fresh purchases, but whatever we have and whatever we understand, we should be holding on to those stocks.

Q: Which are the ones that you would be holding and which are the ones you would rather not stay in?

A: There are quite a few and just to name a few, we are holding on to Century Textiles and among the smaller ones, we are holding on to Bartronics India . In the defence segment, we are holding on to Aventel Softech , Premier Explosives and the list just goes on.

Q: What would you do with Tech Mahindra and GMR?

A: We are there in the GMR issue, so I really cannot comment on that. For Tech Mahindra, personally I would apply to the issue and that says it all.

Q: What do you make of the opening, is it on the expected lines?

A: It is on the expected lines and like I said, it should be slightly flat to downwards and that is the way it has opened. Throughout the day, it will be more or less down. I really do not see the markets coming in the green even during the day, so more or less it should be down throughout the day.

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