“Even if the market were to touch record highs, it will continue to be treated as a large bull market correction,” Jai Bala told CNBC TV18
Upside in Indian market which has been witnessing sharp movements in line with global markets is likely to be limited, said chief market technician of Cashthechaos.com.
“Even if the market were to touch record highs, it will continue to be treated as a large bull market correction,” Jai Bala told CNBC TV18.
Indian market is getting good support from foreign investors amid a recovery in global markets as investors keep their eyes peeled for the US Federal Reserve meeting later today, widely expecting the central bank to raise its benchmark overnight interest rate by 75 basis points to a range of 3.75-4.00 percent, the fourth such increase in a row.
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Talking about HDFC Bank, Bala said there seems a corrective rally in the stock and that investors must not make fresh investments in banking stocks.
“We need HDFC Bank (stock) to continue the rally so that this (overall) rally can sustain for a little bit more,” he added.
On IT and pharma, Bala said he is relatively bullish on the two sectors and that the rally in pharma is going to be short term.
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