Mar 07, 2013, 08.25 AM IST
The market may see uncertainties in the second half of calendar year 2013 believes Dhirendra Tiwari, head of research, Antique Institutional Equities.
The market may see uncertainties in the second half of calendar year 2013 believes Dhirendra Tiwari, head of research, Antique Institutional Equities. The uncertainty, he says, may come in considering the general elections will be due in the beginning of the next calendar year.
Tiwari, however, is bullish on the first half of CY2013. He expects a 10 percent upside in the market and says the Sensex could see 21,300 by the year-end.
Below is the edited transcript of Tiwari's interview to CNBC-TV18.
Q: The first part of the year, atleast up until now has not gone down as planned. What is your view on how the first half of the calendar year will shape up? Do you expect to see more downside after the initial selling pressure that we have seen in the market?
A: If one looks at the economy particularly, things are challenging but they are not as grim as they looked some time ago. In terms of the market, our year-end target is 21,300 for the Sensex, which is like 12 percent up from here.
There is a chance for the market to remain in positive territory in the first half. Uncertainties may arise in the second half. This is primarily keeping in mind that elections will also be due in the beginning of next calendar year. Our view is that market should remain in the positive territory in the first half. The second half could be more of a consolidation. We could see a 10 percent upside in the market rather than seeing downside in the market as such.
Intermediate top in Nifty is probably in process. Markets may move towards distribution or correction; Monday may have seen an exhaustion gap in Nifty
ALL GOOD THINGS COME TO AN END. The rally in Nifty which started from 5975 and touched 6415 may now be coming to an end. Fresh buying should be done only after some downward movement in prices has taken place.
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