It does not make sense to go in for buying in the current environment: Hemang Jani, Sharekhan

Hemang Jani, Senior Vice President, Sharekhan, (Fundamental Check) in an interview with ET Now talks about the market outlook.

It has been a market scenario where-in good news are not coming and the stocks are taking a rubbing. The oil and gas space, SBI going down. What is your sense now? Is it trending more towards the downside?

Overall earning season has been quite disappointing particularly from the financial space even IT has been a laggard. Given the fact that most of the top companies still are quoting at anywhere from about 12 to 18 kind of a PE, it does not make sense to go in for buying in the current environment.

We think that the market would remain broadly in a range of let say about 5200 or 5300 on the downside to about 5600 on the way up and you would see the action where the overall earnings have been good and people are slightly more confident of the visibility of the growth.