Mkt jitters to continue; Budget expectations limited: Blue Ocean

Nervousness in both, the domestic and global markets is expected continue, says Nipun Mehta of Blue Ocean Capital Advisors. “We are in a middle of a bear market,” he adds. Speaking to CNCB-TV18, Mehta says various concerns over oil, interest rates, lack of economic growth and stressed asset situation will continue to weigh on the market. Mehta says that it is best to stay on sidelines in such a market and sit on cash. Budget, slated for the February-end, might be the only saving grace, but expectations there are also limited, he says. Rahul Mohindar of viratechindia.com says that 6,950 is an important support for the market and if a breakout happens at 7,200, then some stability will be seen. He has short term buy call on M&M and TCS. The banking sector, which is reeling under bank loans, will continue to see stress, he says adding that more clarity is needed on provisioning and other measures to resolve the issues. Watch videos for more.