Market cues more negative than positive, downtrend will continue: Vineet Bhatnagar, PhillipCapital

In a chat with ET Now, Vineet Bhatnagar, MD, PhillipCapital, shares his outlook on the markets. Excerpts:

ET Now: Does it seem like we could arrest the fall in markets any time soon? Or is it a sinking ship like the rest of globe at the moment?

Vineet Bhatnagar: Things look more negative than positive at this point. We were looking with great interest at the 200-day EMA which is at 8 to 8.3. And we are still not through with the entire trading day today.

My sense is that Indian markets are likely to join the global rout of equities.

ET Now: Could we see a breach of 8,000 as well? What does the data tell you?

Vineet Bhatnagar: Current data indicates that there is a clear possibility of some change in trend. But equally importantly, we are focussing on the expiry that is coming up next week.

It could also give us a clearer sense of how much this selling will be in specific names like Amtek Auto. There is a possibility of a continuation of that trend over the next few trading days, but we should wait and see how the market closes today.

We will need to look at how the weekend pans out and how we open on Monday. But at this point of time, markets definitely look weak.