Limited room left for further upside, says P Phani Sekhar, Karvy Stock Broking

In an interview with ET Now, P Phani Sekhar, Fund Manager - PMS, Karvy Stock Broking, shares his view on how the market may behave in the coming sessions.

ET Now: Of late, Nifty has bounced back, but market participants have not really stopped talking about lower levels of 8,000-8,250 on the index. Is the downside risk still imminent or do you think that the dust has settled down for now?

P Phani Sekhar: I believe that Nifty should not fall below the recent lows. Having said that, I broadly believe that upsides might be capped for the moment.

Globally, things have improved a lot. Since, there were no expectations from the RBI policy review, we cannot blame even local reasons for the flat closing. Tuesday was one of those days when the market sulks. The market will sulk further until it settles down and probably find new reasons to cheer.