Market could get into medium term bearish trend: Vinith Jain

Vinith Jain, Director, Siddh Capital in an interview with ET Now gives his outlook on the Nifty.

One quick word on the Nifty. What do you think would happen in the near term or the medium term?

The Nifty sees a very good support at 4800 and the recent up move which started from 4800 looks very corrective. One should note that the last two rallies happened in the market in November 2009 and February 2010 were not of corrective nature.

The recent rally which is of corrective nature, gives an upside cap of 5300 on Nifty and if the key support of 4800 is broken, we could see the market getting into a medium term bearish trend.