By: Moneycontrol
As the market continue to suffer deep cuts served by the negative cues from the global peers, Gautam Shah of JM Financial says the pain is likely to continue and markets will bleed more.
He says both Indian and the US markets are oversold. Going by the mayhem on global markets, Shah says the trend across the globe continues is that of a downhill, though there maybe small pullbacks.
“We are working with about 16,000 on the Sensexwhich happens to be an important retracement level from a long term perspective, hence, another 10-12% cut is likely,” he says.
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