Market expert, Ambareesh Baliga believes that the correction that happened yesterday was a healthy one, and the resumption of the rally today indicates an uptrend for the market.
Nifty could possibly see levels of 7800 levels on back of a rate cut from Reserve Bank of India. Market is expecting a 25 basis points rate cut but there could be a surprise 50 bps cut, which could lead to rally in banks today, says Baliga adding that the market rally is likely to continue for some more time.
The trigger for the market would mainly be the RBI policy because the worst for the March quarter in terms of earnings is already discounted but in case there are surprises then that could be another trigger for market.
The next big trigger would be the monsoon forecast, which could come in by third week of April, says Baliga. History suggests that after two consecutive poor monsoons, third would be good and the La Nina effects also suggest good monsoons for us, he adds.For more, watch video
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