Indian equities have shown some signs of struggle recently, with the Nifty coming off a top of about 9,100 to nearly 8,650 in 15 days.

The outlook for the medium term – from now till about October – looks clouded as “headwinds have been growing while tailwinds are reducing???, CNBC-TV18 consulting editor Udayan Mukherjee said in an interview.

The veteran anchor and financial journalist said that in the wake of earnings not picking up as much as earlier thought and with valuations continuing to remain slightly uncomfortable, the Nifty could stay in a 8,500-9,100 range in the medium term.

“Given the run of play, for investors, it should be prudent to buy on sharp declines instead of chasing rallies,??? he said. “Let attractive stock prices come to you instead you going to seek them.???

The market consolidates for second day as the Sensex is up 87.93 points at 28525.64. The Nifty is up 27.35 points at 8660.50. About 1269 shares have advanced, 1297 shares declined, and 178 shares are unchanged.

Hindalco, Dr Reddy’s Labs, Sesa Sterlite, Tata Motors and Tata Steel are top gainers in the Sensex. Among the losers are Bharti Airtel, Infosys, M&M, Tata Power and GAIL. Fertilisers and Chemicals Travancore (FACT) jumps 17 percent on hopes of a revival plan by government.

Coustery : http://www.moneycontrol.com/news/local-markets/sensex-nifty-consolidate-for-2nd-day-fact-surges-17_1331464.html

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