Deven Choksey of K R Choksey Securities said that given the kind of triggers, going forward, there will be some amount of buying coming into the market. He added that if profit booking is bringing down the market, one will see buying and some accumulation taking place at lower levels. Probably, he said, the next month, when the result season begins, we will see some serious sell off.

“As of now, I believe that Nifty should be trading between 2,800 and 3,150 levels. Around such levels, that is closer to 2,800 levels, probably, we will see some amount of buying emerging and at 3,100–3,150. One should see selling emerging. So we will see the range capped between 2,800 and 3,150 levels,” he added.

With respect to Satyam, Choksey said that unless one wants to trade he should stay away from this particular stock since the perception is clearly turning negative.

Choksey, with regard to expected cut of two million barrels per day by the Organisation of Petroleum Exporting Countries (OPEC) feels it will be temporary. He is concerned more of the Fed rate being so low. “I think if the money starts getting into some of the commodities, and then possibly it results into hot money getting into the commodities kind of a situation. It could really be nasty for most of the economies,” he said.

Choksey believes that crude in the temporary period may go up because of this particular measure, and then it would probably cool off to a level below USD 40 per barrel. He added, “But at this point, I think it is purely speculative, that it may go up above USD 55–56 per barrel.”

source: Moneycontrol

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