The Market Podcast | A dip of 8-10% possible but the rally will continue: Jyoti Roy of Angel Broking

Indian market continued with bullish momentum in January after recording 15 percent gains in the year gone by and the possibility of a dip is there but that would not dampen the bullish sentiment, Jyoti Roy, DVP, Equity Strategist, Angel Broking Ltd said in The Market Podcast with Moneycontrol.

“The rally will continue but yes a drawdown is possible given the fact that we are trading more than FY22 earnings almost close to 21X. So, valuations are on the steep side but this usually happens at the beginning of the economic recovery cycle,” says Roy.

“He further added that as long as flows continue the rally will sustain. But, at some point, some consolidation cannot be ruled out because markets would wait for earnings to catch up. We see a dip around 8-10% can happen in the next few months, but we remain positive on the market from a 1-3 years perspective,” added Roy.