5300-5350 would be the immediate target for Nifty: Convexity Solutions

Sudip Bandyopadhyay, MD & CEO, Convexity Solutions in an interview with ET Now talks about possible trading ranges on Nifty.

We are sitting now at close to nudging 5300 almost. Do you think are we at the top end of the trading range or do you think we have good room to go if we are looking at a very short-term period?

We still have some room to go and 5300-5350, that would be the immediate target. The things in Europe have been kind of falling in place. There were a whole lot of uncertainties in Europe but our view is that things are being put in place and Europe is slowly moving towards a stable situation. Still they have some way to travel before they are out of the woods.

The sovereign debt issue in some of the European economies still needs to be resolved but overall the European leadership has demonstrated their very clear focus on resolving the issue and taking the issue head-on, which is very positive for the market.