Futile waiting for mkt fall; Nifty may see 8400 soon: IIFL

If you’re a retail investor just waiting for the market to correct significantly in order to mark a decent entry point for yourself, please think again.

Amar Ambani of IIFL says it maybe futile to wait for any fall right now, as there isn’t much negative material to impact the market on the downside.

“Markets have been rising and a lot of investors were waiting for the correction. It didn’t come at 7600, it didn’t come at 7800, it has not come at 8000. We have got one or two days where the market did correct a bit but overall still the Nifty stays above 8000,” says Ambani.

So, where do we go from here?

Only higher for the Nifty, says Ambani who expects a level of 8300-8400 for the Nifty buoyed by robust liquidity.

Is it too late for retail investor?

A correction maybe seen at levels of 7800 or so, after the market has rallied to 8300-8400, says Ambani who doesn’t see any major correction which will take the market any lower than 7800 in the near-term.