Stock market guru, Mitessh Thakkar, on Tuesday said the market likely to remain range-bound between 10,750 and 10,920 in the short term.
In an interview to CNBC-TV18, Thakkar said, "When the market kind of gapped down in the morning, our view was that we are in a non-directional sideways kind of a market and therefore, the decline will get arrested. I didn't expect a very strong reversal that we got into positive at some point in time. However, broadly this looks like a market, which will just chop around for some more time."
"If the geopolitical issues continue for some time, that could definitely put some pressure on the market. The market has been consolidating in a range for an extended period of time. So it's not that the market is at an elevated level and therefore, there is a reason for the market to climb down. The market has been kind of in a way relatively subdued. So, to that extent, the pressure on the market could be a lot more limited than what we keep hearing," said Nilesh Shah, managing director and chief executive officer, Envision Capital.
Nick Parsons, head of research and strategy, Thomas Lloyd, said, "The market has been something of a laggard in 2019. Last year, India was one of the best-performing equity markets in the whole world. There isn't a lot of speculative short term capital that is about to flee the country and I think the reaction in asset markets today looks both measured and appropriate. There is certainly no signs of panic viewed from this distance at least."
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