India looks attractive for first time since Sept 2010: Citi

While Asian stocks fell on Friday on the back of fear that US might slide into recession, Mohammed Apabhai of Citi Asia Pacific believes that Asian markets are in a cautious mode but no panic is seen as yet.

He said, "Asian markets haven't seen any capitulation, people have lightened up quite a lot of their positions, hence volumes are elevated but they are not as much as before." Apabhai feels that the Indian market is at attractive level for the first time since September 2010. He said, "We could see 5 to 20% upside in Indian equities." He foresees 4,800 to be the next support level for Nifty. Also Read: Mkt to jump 40-50%, enter now for long-term says Kotak Instl Eq Below is the edited transcript of his interview with Udayan Mukherjee and Mitali Mukherjee of CNBC-TV18. Also watch the accompanying video. Q: How would you sum up the mood now? Ten days back you said that the selling is not that intense. Is there any sign of panic which is beginning to creep in now after what's been happening overnight in the US? A: Asian markets are down by about 2%, I wouldn