Baliga bullish on 2016, sees 'year of action' from govt

Market expert, Ambareesh Baliga is bullish on India in 2016 and is not overly disturbed by the fall in share prices on Monday, adding that it was a one-off case due to sentimental impact from China crash. In fact, he considers it as an opportunity to buy in at lower levels.

According to him it is unlikely that the market is going to fall further from current levels with 7750-7700 as key support levels but in case these levels are breached, then 7500 would be the final support. So, he would continue to buy between these two levels.

2016 is going to be a ‘year of action’ for the government, says Baliga especially if they desire to get back again in 2019. “So the development agenda will play out and in second half of the year, one would the results in corporate earnings,” he says.

With regards to under performance seen in the Bank Nifty, Baliga thinks the pain for the PSU banks may last for another three-four months but when the economy starts picking up these sector would be the firsts to jump back. Therefore, if one has the patience for few months then it is great time to pick up PSU banks, advices Baliga.