Nifty to touch 5850; Re may strengthen to 53.67/$: Darashaw

The Indian market had a stable start to April after losing almost 10 percent since February. Regan Homavazir of Darashaw expects the Nifty to touch atleast 5,850, where it will have to be assessed whether 6,000 is a possibility.

Also Read: Market won't have much cheer from earnings: Kotak Inst'l Eq

In an interview to CNBC-TV18, Homavazir says, "We are looking at the index as a bottoming out exercise. In this exercise, the index has corrected significantly and we do not expect it to go below 5,550 in any case at the moment. We are expecting 5,850 to come in this pullback before any downsides ensue again."

Talking about the rupee, Homavazir feels the Indian currency is likely to strengthen, with a pullback to 53.67.

Below is the verbatim transcript of Regan Homavazir's interview on CNBC-TV18

Q: We have seen an attempt at a pullback over the last couple of days but this morning is weakening again, what are your expectations from the index?

A: As far as the index is concerned, it has been falling since February and we have lost near 10 percent on the index. In this pullback, we are expecting the index to touch at least 5,850 where it will have to be assessed whether 6,000 is a possibility.

We are looking at the index as a bottoming out exercise. In this exercise, the index has corrected significantly and we do not expect it to go below 5,550 in any case at the moment. We are expecting 5,850 to come in this pullback before any downsides ensue again.

Q: What if we do not get to 5,850, a break below what level would force you to take stock of the situation again?

A: You will have to take stock of the situation when you start going below 5,660. So that is where the problem starts and then the 5,550 will look more certain than it is today.

Q: What about the rupee? What do you see on the charts there?

A: We are looking at rupee to strengthen and expect it to pullback to 53.67.

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