People prefer to stay away, buying is limited: Emkay
Published on Fri, Aug 10, 2007 at 15:22 | Source : Moneycontrol.com
Updated at Mon, Aug 13, 2007 at 08:40
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People prefer to stay away, buying is limited: Emkay
Kalpesh Parekh, Head-Institutional Trading Desk at Emkay Shares & Stock Brokers said that overall, the sentiment is quite negative. “We are waiting for the European markets and the cues from there. However, things are still not clear about the US and UK, and now things are spreading to Germany and Australia,” he added.
Kalpesh ParekhEmkay Shares & Stock Brokers European markets and the cues from there. However, things are still not clear about the US and UK, and now things are spreading to Germany and Australia. But the overall sentiment is quite negative.
Q: As far as trade goes, the domestic as well as foreign institutional investors, they are more on the sell side or on the buy side. What is the ratio?
A: Out of ten, we have eight orders of sell and two are on the limit side. So the selling is on the market order side, and the buys are on the limit order side.
Q: Do you foresee any kind of buying emerging at lower levels when the market stabilizes after the few 100 points in afternoon trade?
A: No, it looks very dicey because it's the weekend and people are waiting for cues as to what will happen next week, today or on Monday. I think people will prefer to stay away rather than taking any position right now and buying will be limited
Q: Are you sensing any kind of panic setting in after this kind of a correction in the global markets as well as in India as you talk to lot of institutional clients of yours? What is their mood, are they just booking profit or you are seeing some panic selling coming in from the institutional players as well?
A: We saw some panic in the morning, but things are still not stabilizing and people are waiting for some cues. People are selling at a market price, it was there in the morning but as of now, the orders are limited.
Q: Where do you see the markets stabilizing going forward?
A: I think 4,200-4,240 Nifty spot level would be a good support level. But as of now, the way sub prime things are spreading; we will wait for some cues.
