See Nifty closer to 4400 in January: Ambareesh Baliga

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See Nifty closer to 4400 in January: Ambareesh Baliga

After a bad 2011, investors are looking forward for some respite in 2012. Ambareesh Baliga, COO of Way2wealth says, there will be more downside than upside for the market in the month of January. “One should be looking at levels of closer to 4,400 than 5,000.”

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After a bad 2011, investors are looking forward for some respite in 2012. Ambareesh Baliga, COO of Way2wealth says, there will be more downside than upside for the market in the month of January. "One should be looking at levels of closer to 4,400 than 5,000."

Commenting on the recent upside, Baliga says, he didn't expect the market to go much beyond 4,700 levels. Looking at the momentum, he says, the Nifty may see about 4,825-4,850 levels in the next two-three days. However, he says, the momentum may not continue post the December futures and options expiry.

Also read: Mkt cautiously optimistic going into 2012, says PN Vijay

Below is the edited transcript of his interview with CNBC-TV18's Mitali Mukherjee and Sonia Shenoy. Also watch the accompanying video.

Q: Any more would you give to the year-end rally and how much do you think expectations should be bumped up by?

A: Earlier I didn't expect the market to go much beyond 4,700 levels. But now looking at the momentum, it is possible that we should see about 4,825-4,850 levels. That's the upside we see in the next two-three days, atleast in the expiry. I don't think this momentum can continue to post that.

Q: What kind of trading range are people talking about for the month of January because that's a big one both in terms of earnings and the month before the budget?

A: That's true. I don't think people are seeing too much of an upside from here. Looking at the results, which are expected, I don't think people have high expectations at this point of time. With all those forex losses, I think there will be more downside than upside for the market. One should be looking at levels of closer to 4,400 than 5,000.

Q: The star sector yesterday was telecom. There is news today from the DoT. What did you make of that? Which stocks would you be positive on in the telecom space?

A: The spectrum sharing that was the final nail three days back, but atleast now there is some clarity. So, I suppose the best gainer here could be Bharti and Idea. But I think that merger acquisition may not really work for Bharti- Idea because you have the stipulation of atleast not more than 35% market share. Both these combined clearly have a much higher market share. So, I don't think Bharti can really go and look for buying opportunities at this point of time. But clearly I think spectrum sharing is surely positive for them.