The bear fight has become rather brutal and blood stains have dirtied markets. Indian market too has its share of bloodshed but experts feel that the pain is going to ease out soon.
Manish Chokhani, Director, Enam Securities think that technicals of Indian market are fairly robust. In an interview to CNBC-TV18, Chokhani said that external events may trigger 'last leg' of downside. The last legdown, however, he added may drag pharma and FMCG stocks. Saying that the current environment is not new for market, Chokhani noted that the classic market cycles suggest further worsening of conditions. "I still think of this as a classic phase six in a market cycle and eventually this too shall pass but its painful living through it, no doubt. Indian market is unlikely to be sanguine at 14x," he added. On a positive note, Chokhani said that low commodity prices and fall in oil prices will be beneficial for India. He is also not expecting interest to peak immediately. However, most experts are expecting another rate hike of 25 basis points by the Reserve Bank of India on September 16. Chokhani sees India's GDP growth at 7.5% or lower while interest rates is likely to peak at 8-8.5%. Below is a verbatim transcript of his interview. For complete details watch the accompanying videos. Q: In the current environment, are you nervous? A: ItDiscover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
