See Nifty heading towards 5400-5500 in near-term: Edelweiss

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In an interview with CNBC-TV18, Nischal Maheshwari, Edelweiss, spoke about his reading of the market and his outlook.

Here is a verbatim transcript of the exclusive interview with Nischal Maheshwari on CNBC-TV18. Also watch the accompanying video.

Q: Your view seems to be that the current sluggishness in the market will not continue for very long, which way do you see a breakout then?

A: We continue to remain positive on the market. I think markets are going to see a breakout on the upper side. We think market is headed towards 5,400-5,500 in the short-term.

Q: You think that is likely before earning season itself because there is some trepidation about whether or not the market can kill that January high and get beyond 5,300?

A: This being a year end quarter basically it is going to be pretty prolonged. You are not going to see one time impact happening of the quarterly results. Again if you look at the last quarter index of industrial production (IIP) number for December, January, I think they have been pretty strong. So I think the numbers are going to be pretty good for most of the companies. On back of that we believe that the market is going to breakout on the upper side.