Don't enter Nifty at current levels: ICICI Securities

Piyush Garg, chief investment officer, ICICI Securities said that the market movement ahead would depend entirely on how the results pan out and the kind of guidance corporates give for the entire fiscal year.

"In case that is not too pessimistic, there is a fair chance that we may bottom out somewhere around 5,500 Nifty levels. There could be a kind of a 20-25% return from 5,500 Nifty levels into next eight- nine months," he added. He suggests investors not to enter the market at the current levels.  "In case you have missed the bus then it is a tricky call. You can enter, but you need to keep a strict stop loss at 5,600 because below 5,600 again market tends to go into a mini-bear phase which can take the market even up to 5,300 levels or so," he added. Also Read: Rally driven by FIIs, trend may last says Anil Manghnani Below is the verbatim transcript of his interview with Latha Venkatesh Anuj Singhal and of CNBC-TV18. Also watch the accompanying video.  Q : There is a risk across all asset classes, we see it in commodities, crude, developed market, equities, all these are hitting near-term resistances, brent is getting to 120, Indian equities are getting beyond that 5,700 mark, do you think that there is enough in terms of fundamentals and liquidity flows to push it beyond towards 6,000 or so on the Nifty? A: Liquidity is very difficult to gauge. A couple of weeks back, no one could have anticipated that a USD 2 billion kind of inflow would come into the market in two weeks and the market would go up by 500 Nifty points. So that is a parameter which is difficult to gauge. As far as fundamentals are concerned, I don