Mumbai: The Nifty ended below the 4650 level on expiry day in the last series of the year 2011. The last one hour of trade on Thursday was very bad for the market - as there was sharp slaughtering in capital goods, private banks stocks. Index heavyweight Reliance Industries pulled the Sensex down 183.92 points.
This has, however, not surprised experts. VK Sharma, Head Private Broking & Wealth Management at HDFC Securities sees the new month could see a breach of the lows of 4,531.
"We are going to see the new bottom being formed in the month of January," he said, adding that the outlook going forward is bearish. "We would be willing to sell stocks, partly of what we have and partly to hedge the holdings, especially the banking ones," he further said.
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