See Nifty at 8200 by Dec, earnings cut likely in 2016: UBS

Gautam Chhaochharia, UBS says consensus FY16, FY17 and FY18 forecast of 10 percent, 20 percent and 18 percent earnings growth still appears optimistic and top down estimate implies that cuts in 2016 may remain significant.

According to him, this (earnings forecast cut) will likely be broad based across sectors.

He sees limited room for a re-rating and forecast an end-2016 Nifty target of 8,200 based on a 15x one-year forward PE multiple.