Nifty holds 9,850 amid rangebound trade; Midcap outperforms
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In the past two months, the markets have moved largely sideways.
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Expected a correction and tocks have been as expensive as ever and there is no case of buying right now.
But, going forward, a correction will take place and there are multiple reasons at play. “Macros are deteriorating and oil price movements need to be watched. As a result, current account deficit could see strain, the Rupee will fall, among others. Plus, interest rates in the US could go up.
He stressed on the fact that many midcaps had ‘ridiculous valuations’ in pockets such as a few NBFCs, and FMCG, among others.
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