Listless market: Is it time to sell at 5200?

Moneycontrol Bureau

It was a quiet day of consolidation after last week's strong rally. The market spent the session in a narrow range, mirroring their global peers. The Nifty closed the session marginally in the red, but managed to hold on to the 5,100 mark. The Sensex too saw a 57 point cut to close at 17,025. (Read how the maekte panned out today)
Raamdeo Agrawal, Director and co founder, Motilal Oswal Financial Services feels that the market has limited downside below 4700 more particularly on a 6-12 months basis because we saw very good correction in commodity prices globally and that would translate into Indian prices maybe 2-3 months with a gap.
Manoj Murlidhar, Head of Derivatives, IIFL PReMIA feels that the market does not seem to have much steam to last a rally. According to Murlidhar, the Nifty can rally not more than 60-80 more points and somewhere close to a 5,200 we might see some distribution coming even from the banking sector then.
PN Vijay, Portfolio Manager thinks it is best time to lighten portfolios.