Market appears absolutely valued, continue to predict consolidation in close to term: JPMorgan

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Bharat Iyer of JP Morgan stated the sharp 18 % rally since the beginning of the yr has taken the Nifty past 2017 base case target of 9,300 and tracking around bull case target of 9,600 set in December 2016.

The rally has been pushed by world possibility-on and native policy improve, together with a 100 bps reduce in lending charges, the BJP's sure exhibiting in state elections and progress on implementation of the GST, he reasoned.

He feels equity markets seem fully valued on a near-time period foundation. "we have now been calling for the markets to pause for a breather over the last two months. We continue to name for consolidation," Iyer stated.


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