Mkts to trade rangebound with upside of 6-7%: Edelweiss Cap

Abhijit Chakraborty of Edelweiss Capital said more people are coming to the markets to buy ideas. Risk appetite has been marginally positive. It is helping investor sentiment in India. But he thinks it's pretty unlikley for markets to retest recent bottoms. He expects to see rangebound markets which may trade in the range of 6-7% on the upside.

Domestic investors have been cautious, he said. Currently they don't expect more than 15-20% upside. But He doesn't expect a very sharp fall in the markets.

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Re breaches 42.5/$; will touch 43 in short-term

Rupee has breached 42.50. Experts believe, in the absence of any intervention in the markets, it's very difficult for rupee to appreciate. In the next few sessions, rupee is likely to continue to weaken.

Subramaniam Sharma of Greenback Forex said he saw it coming. "It was on the cards this morning because the rupee closed on a weak note yesterday. Crude prices were also looking up around USD 126/bbl and it was very clearly an indication that the rupee may slide further," he said.

He expects RBI to take some action against this steady downfall.

While Agum Gupta, Head - Forex, Standard Chartered Bank thinks 43 is not very far away for the rupee. "We are already at Rs 42.50 and the way we have been moving 40 to 50 paise a day, has become pretty easy. So I don’t see why Rs 43 can be considered to be too far away," he said.

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