Strong resistance for Nifty at 4210: India Infoline

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

Q: How much more would you give the Nifty in this pullback?  

A: We were extremely oversold. So in the sense that we have come back from about those 3,900 odd levels to about 4,100-4,130--the SGX is showing that we can probably open around 4,150--there is another strong resistance at about 4,210. So one can, if the global cues are positive, scale-up to those levels.  

In terms of whether we can get back to 4,300-4,350, it will take at least about eight-ten days more. Probably next week will to show another kind of a down move so this is one kind of pullback that we have had in a very sharp downturn. Probably there is more of a time correction left rather than maybe a value correction left. So another 10 odd days where you basically see some choppy moves downwards and then some sharp corrections but I think more or less we could say that 3,900-3,850 is where we see the market stabilizing. 

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