At last, the global markets are smiling and the cheer seems to echo loud back home. Reading the pullback seen across the globe, Sushil Kedia, president of ATMA says it is 'a classical bear trap' set up from which the latest rally has emanated both on the S&P and on the Nifty. "The levels of 5,170-5,180 have been tested about four to five times and this becomes the Lakshman Rekha for the market right now," Kedia says in an exclusive interview to CNBC-TV18.
Calling the ongoing rally as the last possible rally of the year, he anticipates Nifty to drop to 4,300-4,400 levels eventually. Further, he says, "With some struggle at around 5,170 odd, eventually it is a way up to 5,450-5,500 levels, followed by a 1,000 point drop back to 4,400Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
