Sensex likely to pause; buy every dip: Altaira

Ralph Acampora of Altaira believes the Sensex is likely to take a bit of breather after the near 9 percent run it has had since last couple of weeks. However, he is quick to add that any dip should be used as a buying opportunity. Acampora is bullish on both the Indian and the US markets. “With the trouble going on in the Crimea, it seems like these markets are absorbing that geopolitical crisis up very, very well. Unless something very dramatic happens, I think the momentum will carry both those markets higher,” he told CNBC-TV18’s Latha Venkatesh and Sonia Shenoy.

Below is the verbatim transcript of the interview Latha: Where do you think Indian markets are headed, you think the Nifty goes to 7000 without too much of a hitch?A: Yes I think if we are all patient, last time we were talking about the Sensex along the virtue of making an all time new high. It is up close to 9 percent since February and probably due for a little bit of a pause but that would be buying opportunity. Sonia: What about the US markets then, do you see the S&P 500 outperform some of the emerging markets (EMs) say in the next couple of months or do you think now the time has come for EMs to get ahead in the race?A: On a very short-term basis, EMs are very oversold, and depending on which ones we are talking about, I think they could have a chance of having a near-term rally that perhaps may be on a short-term basis they could outperform very briefly. But longer term, it is the S&P 500 that do well. In fact, I like the Indian market and the S&P 500. Latha: What would be your top three asset classes in terms of long positions?A: I mentioned US markets and the Indian markets, both are at record highs and with the trouble going on in the climate, these markets are absorbing that geopolitical crisis very well. Unless something very dramatic happens I think the momentum will carry both those markets higher. As far as another asset class, I like global shipping. That looks very encouraging.