Deven Choksey, managing director, KR Choksey Shares believes the Nifty has a good support at 6000 and expects some corrections in the run-up to the elections.
Below is the edited transcript of the interview to CNBC-TV18.Q: What is the call now at current levels? Do you think the correction is done and the Nifty is set to make a new move or would you rate the last two days as a bit of an aberration?
A: Most certainly 6000 has acted as a very strong support level for the market. Having seen the 6000 level tested in last few days in the last week I would think that the market has taken a good support at this level.
At the same time some of the global cues along with the local cues has suggested that the market could possibly rise. And what we are likely to see in this particular rise is that there are a couple of strong points which could come up.
Historically, December month has been a good month for the market in general wherein the end of the year allocations rush could take place and as a result of which FII money would probably come in and the market would go up on a higher side.
At the same time, two weeks from now the state election results are expected to come out. If the factors which people are expecting for the change in the government probably does happen, then in such situations one might possibly see the conviction getting built up. So, we believe that there may be some small corrections in between during the course of this journey but 6000 would act as a strong support and 6350-6400 could be the range in which market would trade at least in next two week from now.
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