What makes 2011 tricky? Ridham Desai analyses

With markets not showing any signs of resilience, experts continue to remain cautious. They feel that 2011 is not going to repeat the highs of last year. "I don't think this is a roaring year like we got in 2009 or in the first half of 2010. 2011 is slightly tricky," Morgan Stanley's managing director Ridham Desai says in an exclusive interview with CNBC-TV18's managing editor Udayan Mukherjee.

Going forward, Desai is expecting about 20% earnings growth. "We think the valuation multiple may come down a little bit by the end of the year," he adds. However, he is concerned about the high oil price and suggests that if one can bargain for a range-bound crude oil price, between say USD 80-100 per barrel, then India will do a lot better-than-expected. As a strategy, he is underweight on financials. "I wouldn