Jhunjhuwala sees 10,500-10,750 levels acting as a floor for the Nifty
Billionaire investor-trader Rakesh Jhunjhunwala says he has never seen such pessimism in the market and that it 'looks overdone', reports ETNow. He sees a 'buying opportunity' in this market, but feels expectations of an immediate rebound is 'way too much'.
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Speaking on the measures rolled out by Finance Minister Nirmala Sitharaman on August 23, the Big Bull said: "There is no one thing that can revive sentiment. We need a series of measures to improve sentiment and the steps taken by the Finance Minister will revive sentiment in the economy."
Sitharaman had announced a slew of economic measures, which included withdrawal of tax surcharges imposed on foreign portfolio investors, reinstating provisions on long and short-term capital gains for domestic and foreign investors, easing liquidity flows, reducing the of borrowing, boosters for the auto sector and provided a transparent tax mechanism to deal with 'tax terrorism'.
Outlook for the Nifty
Jhunjhuwala sees 10,500-10,750 levels acting as a floor for the Nifty. He views the ongoing US-China trade spat as a positive for India, which would result in higher inflow of savings into equities in the long-term.
Despite the bloodbath in the midcap space, he feels current levels offers an attractive opportunity and "whoever buys them at current levels will gain handsomely."