Udayan Mukherjee of CNBC-TV18 on Monday said it would be surprising if the Nifty went back to 10,000 levels and broke the levels in near-term.
"... the major bug-bears for the market like bond yields have cooled down substantially from 8.2 to 78 percent, crude has lost 15 percent and FIIs selling has abated as well. So all things put together make case for the Nifty to pullback to at least the 200 day moving average (DMA)," said Mukherjee.
"Going forward, in the next few days if global markets are stable then Nifty could even go to 10,800 levels," he added.
On the earnings season, he said they have been patchy but not very bad. There have been hits and misses but it is likely that at the end of the season one could still see cutting of Nifty EPS growth targets for the full year, he added.
“FY19 started with 25 percent growth expectations, we have already scaled it down to 16-17 percent and by the time we are done, we will probably have reached only 14-15 percent earnings growth,” said Mukherjee.
Talking about the debt market issue, he said, “We should not ignore or be complacent because of current stability... ,” he said, adding "so would rather wait a bit before saying the problem is behind us because the debt market is still shaky and there could still be few skeletons. There is also lingering suspicion that housing credit could throw some negative surprises".