Nifty may pullback to 5200, buy for short-term: ICICI Sec

In an interview to CNBC-TV18, Piyush Garg of ICICI Securities said, from a medium-term to long-term perspective, markets are looking attractive. However, he said, the risks on the horizon are pretty large.

He expects the Nifty to pullback to 5,200 in the next one to one-and-a-half months. He advises investors to buy for the short-term. He further said, the banking sector can correct further. Also read: Ambit Cap cuts Sensex target to 14500, says it's expensive Below is the edited transcript of his interview with CNBC-TV18's Latha Venkatesh and Reema Tendulkar. Also watch the accompanying videos. Q: There are two ways of looking at the market. One, it has now fallen to attractive valuations at 13-14 times; this is a good place to be in, to buy. Second, market will always be much more on tenterhooks than reality warrants and so we could get it cheaper. Which camp are you in? A: From a medium-term to long-term perspective, markets are looking attractive. The only thing is cheap becomes cheaper as we progress and as the events unfold.  To my mind, the risks on the horizon are also pretty large. They are not short-term, they are medium-term risks, especially risk in Europe. Any problem in Europe can trigger a semi banking crisis again in Europe. And that can spread to the entire world. And the risk of trade will get further exaggerated. It is possible that market may trade even 1-2 points, on the PE side, further lower. So, it could trade in the 11-12 PE band also. Secondly, on the domestic side, there is not much happening. Half of the monsoon session of the Parliament is over and I don