No triggers from RBI, markets to move higher with bumpy ride: Rahul Sharma, Equity99

The RBI MPC has continued its accommodative stance and maintained status quo on repo rates for the seventh straight meet in line with market’s expectation. The stock market did not react much to the announcements since the major announcements were widely expected and were priced in. Rahul Sharma of Equity99 spoke to Money9 on the key takeaways for the markets and investors.

“Markets are seeing profit booking at all time high levels. The RBI event did not provide any trigger for the market but the good part is that the focus is still on growth”, he said.

Beyond the record levels, he believes that going forward, the current support for markets will be 16,200 but we can see 16,400 approaching albeit with a bumpy ride further. I believe it will be selective stocks which will outperform.

On the news flow around the telecom space, he said that in the sector he is bullish on Bharti Airtel but he would not go for Vodafone at this stage unless there is clarity on whether they are truly coming out of the woods, but so far he believes the stock will still see pressures ahead.

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