Monday, 20 June 2016

Nifty could touch 8300-8400 with Brexit out of the way: Udayan

The key concern right now is the global economy which is up against events like the Brexit and situation in China and Japan, says CNBC-TV18’s Consulting Editor Udayan Mukherjee. If market has to rally, if global market permits, Bank Nifty will lead, he adds. 

With Reserve Bank chief Raghuram Rajan not willing to continue after September when his first term ends, some knee-jerk market reaction is expected, but nothing major, says CNBC-TV18’s Consulting Editor Udayan Mukherjee.

“(Rajan leaving) it is not a good move; it's an anti-reform move,” he says. However, he adds that the move isn’t “big liquidity exodus kind.”

If Brexit gets out of the way and monsoons are good, the Nifty could return to 8300-8400 levels.

The key source of worry is global economy, says Mukherjee. India story is coming back into place with improvement in earnings and other indicators. If market has to rally, if global market permits, Bank Nifty will lead, he adds. FREE TIPS 2 DAY

With Rajan leaving, two major concerns loom over the economy - first one is stability in the currency market and second, banking sector reforms. Besides these, global concerns continue to weigh on the economy, says Mukherjee.

On the topic of RBI’s next chief, Mukherjee says a PSU banker or an academician is not the right one for the job as somebody with a global pedigree is needed right now.

However, the FII or DII investment in India will remain unaffected by the news.


Milly Roseyaha said...

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