Rohit Srivastava, fund manager at Sharekhan told NDTV that the Nifty has been following a pattern of three weeks of gain followed by another two-three weeks of losses for last three months. So, the losses that we saw last week may get extended for another two weeks as well, he added. (Watch)
"I don't see levels of above 8,410 in short term. As long as we don't go above that we look at further downsides in the weeks ahead," said Mr Srivastava.
Echoing similar sentiments, TS Harihar of HRBV Client Solutions said investors should sell on rise for the short term.
"We already had two quarters of negative earnings growth... This quarter is going to be a very small negative growth (2-2.5 per cent)," he said.
Unless earnings growth comes back in the positive territory, weakness in the markets is going to continue, Mr Harihar said.
Mr Srivastava expects markets to fall in the next two weeks unless the Nifty closes above 8,560 on a weekly basis.
"We closed down for the week and also for the quarter first time after seven consecutive quarters of moving up. This was the first negative quarterly close that we got on the Sensex and Nifty," he added.
Both Mr Srivastava and Mr Harihar are of the view that the outcome in Greece is already factored in the market and the selloff in China is not going to result in inflows into Indian markets as the Nifty is already overvalued.
"China PE (price to earnings ratio) is 19.5 currently, India on a trailing basis is about 23.3. China's market cap to GDP ratio is 55 per cent, India is about 92 per cent," said Mr Harihar.
As of 11.18 a.m., both the benchmark indices Nifty and Sensex traded flat.
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