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India market could see a bit of correction in the short term but the market has been correcting in the last one month even though Nifty rose in the same period.The Budget 2018 might have left investors thinking about equity markets after the finance minister Arun Jaitley imposed LTCG tax of 10 percent but the word coming from market expert Atul Suri is “Bullish”.
“I am bullish on India for the long-term and see Nifty hitting 17000 levels in the next 3 years. However, in the short term, we could see a correction of up to 5 percent in the Nifty and up to 10 percent in Midcap index,” Suri of Marathon Trends PMS said in an interview with CNBC-TV18.
India market could see a bit of correction in the short term but the market has been correcting in the last one month even though Nifty rose in the same period. Globally, we have seen some bit of selloff, and now we are getting synced with global markets.
“In a larger bull market, every month can’t be positive. In fact, it is an amazing time for stock pickers. Investors who are sitting on sidelines and waiting for a correction, this is a great time. Look for companies and pockets where you see strength in the fall,” said Suri.
Globally, US bond yields will be something which investors should watch out for. “We are part of a global bull market for the next 3 years; MSCI EM is the best-looking chart,” he said. Tracking gain on the index, Suri expects Indian equity market to give a 15-17 percent CAGR over next 3 years.
Commenting on Crude, Suri said that investors should watch out for Brent at USD 70/bbl which will be a crucial resistance level.
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