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4700 May Not Be The Final Low: Udayan

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Yesterday was a volatile session on Dalal Street. The Nifty recovered over 80 points from the day’s lows, but still closed 32 points in the red. The Sensex ended 111 points lower.

Today, the global cues are good. The US markets closed near session highs. Asian markets are trading higher.

CNBC-TV18’s managing editor Udayan Mukherjee says, retracement trade has played out globally. He expects the Indian markets to rebound. “There could be couple of days pullback.”

According to him, 4,700 is an important floor. However, Udayan says, it is still early to say that 4,700 is a durable and final low.

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