Market to surprise; experts see rally from August onwards
21 Jun 2011
The indices clocked a smart pullback rally in early session, but the cheer was short-lived. Heavy selling erased the morning gains and the Nifty ended with a 20 point gain. The Sensex shut shop at 17,560, with a 53 point gain despite stable global markets.
Experts see a new rally starting from August. They also believe that India remains a great market for stock-pickers as its fundamental growth prospects are still extremely strong.
Nifty snaps 4-day losing streak to close with moderate gain
KR Bharat, MD, Advent Advisors thinks the market will tend to surprise people. However, he is not hugely bullish. Bharat sees a rally from August onwards. ''I think the monsoons are going to be better than expected. Therefore, that, to some extent, might help in elevating the inflation concerns that we have. I genuinely believe that there is going to be some kind of a rally may be starting July, August. And that could go on to may be Diwali.''
Ambareesh Baliga, COO, Way2Wealth also sees a bull run staring in August-September. Baliga said after the big correction that played out yesterday, he is now looking at a new range. ''The new range is 5,000-5,100 on the bottom and possibly 5,300-5,350 on the top.'' He sees the Nifty hovering in this range for the next couple of weeks. He pushes his prediction of a bull run in July-August to August-September. ''The new bull run, which I was talking of possibly in July-August, will get delayed and we will now have to look at possibly August-September.''
Ashok Wadhwa, Group CEO, Ambit Holdings anticipates one more fall in the market and expects a new market sentiment to emerge post October or at the end of this calendar year. "But I still remain optimistic about the environment in the medium-to-long run," he asserted.
Nirmal Jain, Chairman, IIFL said that India remains a great market for stock-pickers as it is likely to stabilise and find support at 5-7% downside from current levels. According to him, the market is cautious due to investment slowdown and commodity prices.