Global linkages are weighing down earnings estimates.
Vetri Subramaniam feels it is slightly dangerous to completely rely on earnings forecasts. He believes that the current market is a stock-picking one. Look for stocks with attractive valuations.
The next important cue for the markets will be the results season, followed by the monsoon session of the Parliament, says Taher Badshah of Motilal Oswal AMC. He will also be watching out for some guidance from the Reserve Bank if monsoon continues to be good.
Rakesh Arora of Macquarie believes that with the results season out of the way, focus will be back on economic data which continues to improve. He also says that the tide is turning and advises investors to remain invested.
Devesh Kumar, head-India, CIMB explains on CNBC-TV18 that there could be some more upside in the market before the results season begins in early January. He adds that next year could be period of domestic reconstruction and global stabilisation and establish the required environment for an economic boom in 2014.