Diwali week events could trigger an upside in mkt: Antique

The Street may join the celebrations next week, suggests Shruti Vora of Antique Stock Broking. In an interview to CNBC-TV18, Vora is positive about the line of events coming up both globally and locally. She says the event could possibly trigger an upside breakout in the market.

"I am bearish on crude and gold. I think Brent crude can test about USD 100 per bbl and gold can possibly go down to USD 1,490 per ounce," says Vora, as a reason for the upbeat view. Further, she says, sector wise on the domestic front, banking and auto help her stay positive on the outlook. Below is an edited transcript of Shruti Vora's interview to CNBC-TV18. Also watch the accompanying video. Q: What is your sense of how the Nifty may close in October? A: We had highlighted the significance of the 4,675 level and we thought that only significant bad news could lead to the breach of that level. In early October, we have held a 4,700 support and we have tested a target of about 5,170 as against our expectation of 5,100-5,200 level. In the last month, you have seen a development on the weekly chart wherein you have seen a double-bottom like formation at 4,700 levels. However, the pattern is likely to get materialized only if the neckline at 5,200 gets breached, which can then possibly lead to a 500 point upside. The indicators at present levels