Bearish on auto, cement sectors: Tata Investment Corp

In an interview with CNBC-TV18, Mehrab Irani, Tata Investment Corporation said the Nifty might have already made bottom at 5,177.

He is bullish on banking and financial services and infrastructure and engineering capital goods sector, while he is bearish on cement and auto sector. Also read: Bullish on Maruti Suzuki, ONGC in long-term, says Angel Broking Below is the transcript of his interview with CNBC-TV18's Anuj Singhal and Latha Venkatesh. Also watch the accompanying video. Q: Is the pullback rally, which we saw from the beginning of this month, coming to an end? A: To understand this let us see what has happened. The Nifty made a high of 6,380 in October 2010. Then it corrected and went back to 5,177 in February 2011. Again it rose from there went to 5,925 in May 2011 and then it corrected back to close to 5,300. There it formed an upside gap and also hammer on a weekly conduct six charts and the market went to above 5,500. Currently, it