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Tuesday, November 3, 2009

Mkt won't correct below 4500

Experts Nilesh Shah, Ashwini Agarwal feel:

Nilesh Shah, MD and CEO, Envision Capital, does not rule out another 5% correction from here. "The Nifty can go to 4,500. Also, valuations look reasonable at those levels. The market is likely to consolidate at lower levels."

He sees the Nifty trading in a 4,500-4,800 range next quarter. He says valuations are challenging above the 5,000 Nifty. "We see significant resistance at 5000-5200 levels. But implementation of reforms can take the range higher."

Ashwini Agarwal of Demeter Advisors too sees Nifty finding support at 4500 in this correction. He rules out a fall below 4,000 Nifty and 14,000 Sensex. But was quick to add that India can fall further if global markets correct. "A deeper correction is likely if liquidity reverses."

Agarwal says investors can invest 5% lower for a 12-month perspective.

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