Today's Top Gainer
Note:Top Gainer - Nifty 50 More
Fiscal deficit situation
Excess paper supply
Monetary position to tighten soon (May be from December or January)
Valuations are not supportive
This makes me uncomfortable at current levels. But having said that, one must not forget that liquidity is the life blood of the market and there’s ample of it for now.
Therefore, my sense is that the market (Nifty @ 4623 currently) may not rise more than 5-7% but will not fall hugely either, for the time being. Two things will happen: One, money will move out of one sector and into others, and two, non-index (ie non Nifty & Sensex) stocks will outperform their larger peers.
My advice to conclude: Buy on dips.