Indian equities snapped an eight-day correction, the longest since 2001, to rise about 1.85 percent today, as traders covered some of their short positions. But according to analysts, this may not be time for investors to look at equities afresh.
Indian equities snapped an eight-day correction, the longest since 2001, to rise about 1.85 percent today, as traders covered some of their short positions.
But according to analysts, this may not be time for investors to look at equities afresh.
"Unless corporate earnings see a meaningful sign of revival, which won't happen for one or two quarters, we don't believe there will be a significant bounceback in equities," Angel Broking's Mayuresh Joshi told CNBC-TV18.
In fact, if the March quarter earnings, which will start soon, are worse than already-muted expectations, or if there renewed global macro worries such as from Greece, Joshi said the markets could again start drifting lower.
Analyst Ambareesh Baliga agreed with the assessment. "We don't think the recent correction has ended. This bounceback may not last beyond a few days," he said.
According to Baliga, once earnings start trickling in, along with the flood of divestments the government has planned for PSU companies, it would keep pressure on the markets.
"We think the Nifty may head closer to 8,000," he said. "If you've bought during the recent decline, this bounceback is the time to sell."
"There is no way to say where this bounceback will stop," technical analyst Sudarshan Sukhani said. "But at some point it will stall."
Sukhani advised short-term traders to not carry overnight positions.
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