Volatility to reduce from tomorrow: Baliga

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Volatility to reduce from tomorrow: Baliga

Ambareesh Baliga of Karvy Stock Broking says all the shocks are over and that there will be no sharp correction now. He hopes that tomorrow onwards, the volatility will reduce.

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Excerpts from Closing Bell on CNBC-TV18 Watch the full show » ALSO READ See what other experts are saying about markets See what FIIs are saying about the markets See what Udayan Mukherjee is saying about the markets

Ambareesh Baliga of Karvy Stock Broking says all the shocks are over and that there will be no sharp correction now. He hopes that tomorrow onwards, the volatility will reduce. 

"If I am a trader, then I will utilise this opportunity, when the markets are moving up towards the close of a settlement and exit and possibly, just wait out. This is not the time to trade," he says.

Excertps from CNBC-TV18's exclusive interview with Ambareesh Baliga:

Q: What will happen tomorrow?

A: Hopefully from tomorrow onwards the volatility will reduce. But the upside is limited and it will move in a range for the next couple of weeks, if not for months.

Q: How is the trading sentiment at this point?

A: Very low. Most of the brokers must be sitting idle right now

Q: Are you not seeing any buying interest even in the frontliners?

A: Basically, I am not seeing any buying interest from the person on the street, but there seems to be a decent amount of buying interest from the local chip funds. Some corporates sitting on cash are showing some interest, along with some HNIs. But the interest is very low.

Q: The volumes are very low. Is it because people have got a big whack or is it because the volatility is unnerving them and they don't know which way to trade?

A: Volumes come from the traders and most of the traders have been chopped off. Since traders are not there, delivery-based volumes are happening. That is the reason volumes are quite low.

Q: What is your sense of rollover to June? Do you think we will start June very light compared to previous months?

A: Yes, since most of the weaker players are out of the market, we will start light on June and depending on how the market moves, that is if it consolidates in June, then one can see positions building up again.

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