See limited downside in current market set-up: Nilesh Shah

Markets continued their rally for the seventh consecutive session with volumes remaining light as investors remained focused on the India-Pak clash yesterday. However, the market may have reached a neutral zone now feels, Nilesh Shah, president (corporate banking) of Axis Bank. "The valuations neither cheap nor expensive," he said adding, "It is a market where one has to be a bit more stock specific rather than broad market specific."

Shah said there are contrarian investments coming into the market. "There was some bottom fishing done by the long-only funds," he said.   Going forward, if the variables remain at the current levels, then there is limited downside to the market, Shah said. A concern for the market has been the surging oil prices. However, Shah is doubtful that crude will go significantly higher from current levels.