Recommend to be cautious in current market: Mayuresh Joshi

In a chat with ET Now, Mayuresh Joshi, VP, Institution, Angel Broking, shares his views on market outlook.

ET Now: What did you make of the volatility today, what have you been advising clients in today’s session?

Mayuresh Joshi: Clearly, we have been maintaining stance for some time and we are still maintaining that cautious stance. The macro and micro conditions have not really changed as far as the Indian domestic scene is concerned.

The corporate earnings, the result season will start soon in the next months. The corporate earnings are expected to be subdued. The data as we have been seeing through the RBI policy notes indicates that inflation is going to be sticky.

The GDP, IIP data is going to have a long and slow recovery process. So overall, there are very few triggers even in terms of reform processes except the oil and gas reforms if they come through in the coming month.

So the markets will find it very difficult to cross 8200-8250 mark on the higher side and therefore the specifics would be rather stock related approach rather than play on the markets at least from a short to medium term perspective.