Expect no sprightly move for Nifty today

Excerpts from Bazaar on CNBC-TV18 Watch the full show » ALSO READ See what other CNBC-TV18 anchors have to say BSE | NSE 10/02/12

It seems to be a quiet patch for the market-it has been in a sideways movement since the past few days. The volumes have been low not only in India but globally as well, says CNBC-TV18's Managing Editor Udayan Mukherjee. "There is nothing to suggest that we will wake up from our slumber today. But that is alright because we had quite a bit of excitement last couple of months up and down, absorbed the Budget. It's a low news flow season and we seem to be ambling along and today too it looks like it will be more like amble more than any sprightly move for the Nifty."

Here is a verbatim transcript of Udayan Mukherjee's comments on CNBC-TV18. Also watch the accompanying video.

Q: It has been dull?

A: There is no other word to describe it; it has been very dull globally too. If you look at the news flow globally, its drying up completely and there is hardly any news flow from the West and the news which was coming in from Greece etc has also ebbed a bit. The commodity markets too are absolutely range-bound. Crude has been in the one-dollar range for the last many sessions the dollar is tightly between USD 80-81 per barrel. So which ever market you look at, you have got into a really narrow range, low volumes and low news flow. So you can probably spend a little bit more time out here and then get to April where the news flow picks up again.

Q: For our market?

A: They too are range-bound. There is no great excitement out here. The only thing is that while it looks like it will be a quiet March generally it has a habit of not having a great second half of March because of problems which is typical to the month where liquidity just gets tightened towards the end of it-it generally sees a bit of wane off towards the second half. So I don't know whether that will happen in the fag-end of the March series but we are on March 10, so at least for the next 10 days it looks like we are going to be in a range-bound situation and after that we might see a bit of slackening off.

Q: Need to see a little bit of confidence building on the Nifty?

A: Sentiment is not terribly bad, I think the general belief is that in the near-term for the next 10 days or so we may just hold a 5,000-5,150 kind of range, which is okay-a range of 100-150 points. I think people start worrying seriously about a March downside only if 5,000 gets taken out and we trade below that for a couple of days, its not impossible but we have to get there we are still hovering around 5,100 and there doesn't seem to be any great headwind baring the innate fatigue in the market post the Budget move to move past 5,200.

So getting beyond 5,150-5,200 seems a little challenging for the moment. We may get there but not terribly beyond that and on the way down we will have to ask ourserlves whether this March downside in the last half or the late part of March can take us to 4,800-4,900 kind of levels or is that too big a dip and you may just see 4,950-5000 if that in any kind of slip in the later half of March.