Now is not the right time to buy, says Barclays Cap

Markets globally have been in a bearish phase in February this year, but Jordan Kotick of Barclays Capital sees an upside in equity markets around the world in the medium-term. However, he doesn't rule out the fact that we still are in a bearish phase, which is yet incomplete. "A bearish phase has two components: the declinable price and time. We have seen the price but we think we can chop up more time as a corrective phase plays around the world. There will be a time to buy but again we just do not think the time is now."

Amid all the buzz of the US market bottoming out Kotick feels vice versa. He advises investors to be extra careful about trying to pin a magic level on the S&P and the Dow. "The inter-market relationships are global they will give you the most trust worthy signs for the bottom and we just don't see that yet," he says. On the other hand he also feels that the global equity still have some downside. Talking about the India story, Kotick says, "It is difficult to like either the Sensex or the Nifty in the short-term; the Nifty currently appears to be range-bound and we think it is vulnerable to the downside. However, we feel there will be a very good time for long-term bulls on the Nifty as well as the Sensex." On crude Being bullish on Brent and NYMEX crude prices for sometime now, he says, "Brent has surpassed our Q4 2010 target of USD 120 per barrel much faster than we expected." But the uncertainty with what is going on the Middle East and Japan might pause its upward trajectory. "We are going to look for some type of consolidation or pause before we see higher levels in oil and generally the energy complex. On natural gas, it just isn't the right time to be aggressively bullish," he adds. Where does Kotic see Indian market headed?