Markets are pricing in more negatives than positives currently: Equity99’s Rahul Sharma

Markets came off the low point but continued to trade with losses in afternoon trade. The Sensex was down 217 points or 0.41% at 52,351, and the Nifty shed 55 points or 0.35% at 15672. Among the sectors, the metal and realty index added a percent each while banks and auto are under pressure. Bajaj Finserv, Tata Steel and Bharti Airtel are the top gainers while Bajaj Auto, TCS and Axis Bank were the top losers. "Markets have been in a consolidation phase for a long time but one must understand is that markets are overbought. Trading positions currently should not have too much exposure. Markets have more negatives than positives currently to react on," Rahul Sharma, market strategist and research head, Equity99 told Money9. Naming the concerning factors, he said that crude oil prices are rising, there is a delay in monsoons, globally we are seeing world markets also cooling off and the delta variant of Covid 19 is weighing on the sentiments. Stock Recommendations Srikalahasti Pipes | Buy | Target: 300 | Duration: 6 months Mahindra EPC | Buy Target: 225 | Duration: 6 months Southern Petrochemicals | Buy | Target: 72 | Duration: 6 months