ET Now In a chat with ET Now, Ambareesh Baliga, Market Expert, shares his market outlook. Excerpts:
ET Now: What is the sense that you are getting because it is turning out to be fairly choppy for the equity markets?
Ambareesh Baliga: Upside for the market seems limited and the market is finding it difficult to even go beyond 8000 levels. On the lower side, 7850 is a good support level, but going ahead, I see that possibly breaking because as of now clearly brand India has been sold extremely well by Mr Modi, but going ahead execution is the key. Over the next couple of weeks, you could see the markets breaking 7850.
ET Now: How long do you see this time correction or possible corrective phase or consolidation in the market last?
Ambareesh Baliga: If it is time correction, it will be much longer. It could last for about three or four months, if not more, which means the markets will be in a range of possibly 400-500 points. But I actually see a correction and if there is a correction, it is much better for the markets because you will have more participation happening at lower levels.
I see the markets breaking the 7850 levels, where we could have a sharp correction. When I say a sharp correction, I am talking of about 7% or 8% sort of correction where at lower levels you will have much more participation. The next move up could be much stronger, sustainable and we could see much higher levels than what we saw in the recent past.
ET Now: What is the sense that you are getting because it is turning out to be fairly choppy for the equity markets?
Ambareesh Baliga: Upside for the market seems limited and the market is finding it difficult to even go beyond 8000 levels. On the lower side, 7850 is a good support level, but going ahead, I see that possibly breaking because as of now clearly brand India has been sold extremely well by Mr Modi, but going ahead execution is the key. Over the next couple of weeks, you could see the markets breaking 7850.
ET Now: How long do you see this time correction or possible corrective phase or consolidation in the market last?
Ambareesh Baliga: If it is time correction, it will be much longer. It could last for about three or four months, if not more, which means the markets will be in a range of possibly 400-500 points. But I actually see a correction and if there is a correction, it is much better for the markets because you will have more participation happening at lower levels.
I see the markets breaking the 7850 levels, where we could have a sharp correction. When I say a sharp correction, I am talking of about 7% or 8% sort of correction where at lower levels you will have much more participation. The next move up could be much stronger, sustainable and we could see much higher levels than what we saw in the recent past.
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