Market will trade with a negative bias in the short term: Avinash Gorakshekar

Avinash Gorakshekar, VP Research, Edelweiss Financial Advisors in an interview with ET Now talks about his outlook for the market.

The market seems to be latching on to bad news even if they are not actual news and just market talk. What happened with ONGC, Coal India not certain that the some of the events would take shape but the market seems to be latching on to the news...

My guess is in this kind of market negative news gets factored more acutely. Clearly we saw ONGC, yesterday unconfirmed news. In fact today the Chairman said that these reports are not yet confirmed. So clearly the markets are looking out for typically good news.

Good corporate results, extremely good numbers from Bajaj Auto have not actually pleased the markets and the stock today. My guess is markets are struggling to find good positive triggers down the line. At least in the next two weeks we are headed for a diesel price hike probably LPG prices also going up so in the very near term my guess is the markets would trade with the negative bias. Nobody has the confidence to actually go and do a contra call.