Expect market to hit new highs in coming trading sessions: Pankaj Pandey, ICICIdirect.com

In a chat with ET Now, Pankaj Pandey, HoR, ICICIdirect.com, shares his views on markets. Excerpts:

ET Now: We are practically at 7800, what could act as a trigger point from here onwards for the market now that earnings season is over?

Pankaj Pandey: Second half is expected to be crucial for a number of sectors which is where we would expect some action to happen.

Looking at this particular quarter, while the top line growth was about 13.5%, there was also a margin expansion. Going forward, the prospects of recovery would improve and you could expect some more policy action from the government especially for a sector like oil and gas which will have a positive impact on the overall market.

So that might lead to further re-rating of markets and plus the overall confidence in terms of earnings. Market is expecting about 16-17% kind of earnings, the earnings can further improve from current levels or the expectation of earnings can improve from these current levels which is what will take the markets to higher levels.