Medium term target for Nifty at 6200; buy on dips: Anu Jain

Anu Jain of IIFL Private Wealth Management expects the Nifty to make an upmove in the latter half of the November series. The medium term target for the Nifty is seen at 6,200, she said in an interview to CNBC-TV18.

The Indian market began Monday's trading session with the Sensex gaining 100 points following the reshuffle of cabinet ministers on Sunday. Nifty rose 32 points to 5,696 levels. "It could be December end, or January end, I cannot time it to that extent depending on the momentum. That would stay true even if there is a dip upto about 5,500-5,520," she added. One should look for buying opportunities if the market dips over the next two weeks, she recommended. Below is the edited transcript of Jain’s interview with CNBC-TV18. Q: From a medium-term perspective, what are the markers that you would lay out for the November series now? A: We were expecting a consolidation but that flattish move was slightly surprising. Consolidation has happened and it is very constructive for a bigger move on the upside. For the first time, fundamentals and technicals are talking the same language. We are expecting an upmove, but towards the latter half of the November series. I see a medium-term target of about 6,200, it could be December end, or January end, I cannot time it to that extent depending on the momentum. That would stay true even if there is a dip upto about 5,500-5,520, so that does not get violated. I would look at dips to get into the market. Essentially, it has not a given chance to pick up some stocks except for the ones, which have got weaker, but I would look for opportunities over the next two weeks. Stay tuned for more..