Headwinds seems to be a gentle word for the markets world over as indices continue to witness ruthless selling. We believe the market is yet to find a firm bottom and 3000 levels for the Nifty remain our next hope. Despite relatively attractive valuations, index heavyweights could succumb to the selling pressure of FIIs and domestic funds. The last ones standing could face more carnage as desperate investors look to cash out at any price. Redemption pressures are being talked about from various quarters and this could intensify if things don't improve. Given the sharp fall this week, there is always hope that things turn around. We may see some positive ticks beginning Tuesday. However, that should not tempt you to take heavy positions. Remain light till there is more clarity.
Considering the unprecedented carnage in the global financial markets and uncertainty over the fate of the US and other major economies, we would like to refrain from giving any investment ideas. We continue to advise caution at this stage. Investors should stay on the sidelines till the global selloff abates and markets stabilise. One should not get carried away if there is any kind of a relief rally, as further selling is expected. Any advance in Indian stocks can only be sustained if global markets recover.
Considering the unprecedented carnage in the global financial markets and uncertainty over the fate of the US and other major economies, we would like to refrain from giving any investment ideas. We continue to advise caution at this stage. Investors should stay on the sidelines till the global selloff abates and markets stabilise. One should not get carried away if there is any kind of a relief rally, as further selling is expected. Any advance in Indian stocks can only be sustained if global markets recover.
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