Accumulate around 10,000, sub-10K Nifty levels; bears in control: Udayan Mukherjee

Udayan Mukerjee, Consulting Editor, CNBC-TV18 is of the view that the Indian equity market is in a trading range and although it could see a pop-up, it remains a difficult market to trade.

“For the moment, this market belongs to the bears,” he said.

The global markets too will not do very well this year, he said, adding there is much more volatility in store for markets.

When asked how should one approach the market from a long-term investor point of view, he said it will have to be a two-pronged strategy – If one is an investor who wants to preserve capital in the interim and does not want to underperform too much, then focus on domestic quality and IT because the tone of the market is changing. It is now moving towards defensive positioning, where IT and high quality names will do well, while anything that is high beta will underperform.