Nifty is bracing itself for the big US election event, said Rahul Sharma of JM Financial Services. Speaking to CNBC-TV18, Sharma said that ahead of the US election, he sees the Nifty range shifting to 11,700-11,200.
“We have attempted thrice to cross the 12,000 mark in the last 3 weeks and we have not been able to do that comfortably. With all the data that is coming from global cues, it is indicating that the market is witnessing a shift in range from earlier 11,800-12,000 to possibly 11,700-11,200,” he said.
Sharma advised to stay light and cautious on market ahead of the elections. “Post event we could see some sort of a reversal happening, but at least until the event is done, which is next week, we are advising clients to stay light on the long positions,” he said.
Watch video for more