UR Bhat, the managing director of Dalton Capital Advisors tells CNBC-TV18 there are strong reasons for the market to see a correction and is at completely overbought levels. According to him, a 20% movement on the indices since the start of 2012 is probably the reason.
The quantum jump in crude oil prices, nervousness around the results of the UP election and with the Union Budget just around the corner, there are a lot of cues for the market to look forward too.
All eyes are now on the European Central Bank
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