Ajay Bagga, CEO, Lotus India AMC, said the underlying economics or fundamentals are still quite rocky. “I don’t expect this rally to last too long. It is a relief rally globally, and could take us higher. The fundamentals need to be worked out and that will take time. The credit and liquidity contraction that is happening can’t be whished away and that will take time to go away.”
Sanjeev Agarwal, Head-Equity, Globe Capital Markets, said this market is working as per technical levels. "We may see little sideways action in coming weeks before the markets actually forms newer lows. We will retain our bearish stance unless the market crosses 4,650. Currently, the market is seeing a bounceback from 3,800. So, one leg down is still left. In the last 10-15 days, there has been a lot of selling by FIIs. After a strong lull, we are seeing renewed vigour coming into selling. The markets are completely in favour of a bearish set up. Right now, one should be very careful about any longs. Safer players may look at buying puts and the more adventurous ones can go for selling Nifty shorts."
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