Ajay Srivastava who is the CEO of the Dimensions Consulting feels that everything depends on what is going to happen overseas and it may not have any direct bearing on India. If overseas stays firm, which we believe should be in a broad range, India will remain in a broad range. India, by and large, is very under invested at this point of time.
Till the 0% interest rate continues in the US, the exchange-traded funds (ETF) will keep coming and buying at every dips. ETF will come into India and buy at every major dip. They may sell-off very fast after they make 10-15% profit. So, there is a kind of floor being built into emerging markets including India, where these funds come in and buy purely because the rate of interest in the US is almost zero. There is a floor both in terms of Indian underinvestment and in terms of ETFs coming in.
Verdict
Beyond 4,700-4,600, he feels that market may break and we also hold the same opinion. Up to 4,700, he feels that it’s a par course for the day that it may happen anytime. If it happens, people will buy, and the market will recover back.
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