2017 could belong to Reliance: Sarvendra Srivastava, Phisense.com

In a chat with ET Now, Sarvendra Srivastava, CMT & Head Technical Research, Phisense.com, says by February, March things should settle down in the market and it should be a good year.

Edited excerpts:


Stepping into 2017, how do you think the near term is going to be? Would it be volatile?

The first quarter might be a little choppy and January could be a little volatile as well but by February, March, things should settle down and I also expect 2017 to be a good year. I am talking purely from a technical perspective. From the way that we look at markets, this should be a broad-based move once everything settles down.

Barring a part of defensives which are pharma, IT and FMCG which might be neutral to underperforming, everything else should be performing from here on. So whatever has been beaten down like real estate, banking, capital goods and infra, those names should be looked at in 2017. You can never forget oil and gas bellwethers. Reliance, ONGC and Cairn are all looking good and 2017 actually could be a year for Reliance. We have been waiting for Reliance to perform for the last many years now but now the structure is there and whatever had to happen -- Jio launch and else is out of the bag. The year 2017, within the largecap space could belong to Reliance.