After rallying nearly 15% from the lows seen in late March 2008 the markets have seen a nearly 7-8% correction over the last few days mainly driven by concerns on inflation, high oil prices and finally today a low figure on the IIP which has come in at 3%. Overall the results season has went off quite well with most companies reporting results that are in line or better than expectations. As such we expect that markets will stabilize around the current levels before seeing another upward move going forward.
From the current sensex level of around 16500, we do not expect a more than 3-5% downside in the near term and the upside over a one year time from should be in the region of 25-30%.
From the current sensex level of around 16500, we do not expect a more than 3-5% downside in the near term and the upside over a one year time from should be in the region of 25-30%.
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