Raamdeo Agrawal, MD of Motilal Oswal Securities said the pace of rally and political concerns are worrying markets. The market participation is narrower and political development is also putting pressure.
He said that even though markets have factored in political concerns, the risk remains. Markets will stay apprehensive and may see good amount of correction, he believes. And markets may resume rally once the event is out.
Though, he said, markets are still not overstretched and lots of stocks have reasonable valuations. He sees FY08 Sensex EPS at Rs 850-855 and FY09 above Rs 1,000.
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