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Nifty touches 5000: What are experts expecting now?
The Nifty hit the 5,000 mark for the first time since May 23, 2008 on the back of good global cues. The US and Asian markets have been on an uptrend and the bulls seem to be raging at the moment. Will this trend continue or will the upsurge see a sudden downward correction?
The Nifty hit the 5,000 mark for the first time since May 23, 2008 on the back of good global cues. The US and Asian markets have been on an uptrend and the bulls seem to be raging at the moment. Will this trend continue or will the upsurge see a sudden downward correction?
Samir Arora of Helios Capital said he did not expect such a quick move towards 5,000 but felt there definitely would be more fund inflows for the rest of 2009. He added that more investors were now feeling left out of the rally and would come back into the market.
Raamdeo Agrawal, Director & Company Founder of Motilal Oswal Securities said the Nifty at 5,000 would mean that the index has touched a level where the valuation will be closer to 18 times of 2010 earnings and probably 16 times 2011. He sees some very interesting companies shooting up and going to new highs and a more positive investing environment. Cautious trader, Shankar Sharma of First Global though said he does not expect the markets to rush to new highs. However, he feels the markets are in no mood to accept bad news. "The current rally is different from the one in 2007 and the markets have become very difficult to predict," he said.
Sharma is positive on Hero Honda , Maruti , BPCL but negative on commodities. He added that RIL was unlike to perform in line with the market.
Andrew Holland of Ambit Capital recommends caution at this level. "Taking some protection in this market would not be bad idea." But he said, 5,000 on the index was great news. "It shows resilience in the Indian markets and in India generally."
