Do not see Nifty testing 8000 levels: UR Bhat

In a chat with ET Now, UR Bhat, MD, Dalton Capital Advisors, shares his views on the market. Edited Excerpts:

ET Now: What about the overall market though? Is there a chance that we may retest the 8000 levels or even lower? Do you think we are going to just beat around the bush around 8200-8300?

UR Bhat: It should be sort of steady around these levels with a marginal downtick possible. 8000 may not be tested. But levels around 8000 is possible. What one needs to watch really closely is what is happening in Russia. Putin seems to be running out of luck. There is lot of opposition to the stance he has taken. Unless he is able to contain that, there could be huge impact on the emerging markets. It is time for us to watch that space closely. Other than that, as far as the domestic situation is concerned, results will pave the way for giving direction to the market. As long as the results are not surprisingly negative, the markets should find itself in the 8000-8500 range.