It is still a sell-on-rise market; see Nifty@21,300 by end year: Jai Bala

economictimes.indiatimes.com:

Jai Bala, Chief Market Technician, Cashthechao.com, says he expects the Nifty to hit somewhere to about 21,300 by the end of the year and the banking index to hit somewhere close to 42,000 with an intermediate pause at about 49,000 and 47,000. The Dollar index will be about 109 for the end of the year. The 10-year yields for the US would be about 5.5% by the end of the year. By 2026, the 10-year yields will hit about 800 bps. That is the medium to long-term forecast for the global markets and the macros.
Bala also says retail investors should raise as much cash as possible as they can get in and get out of the market much faster than the institutions.
Is there any ray of hope for the markets and what can really provide a sigh of relief at this juncture?
Jai Bala: I had spoken to you around the time when China's stimulus was on and at that time I had mentioned that the Nifty was likely to drop to somewhere close to 21,300 and when people are focusing on China's stimulus, we should have been focusing on the India correction which is about to set on. I have been holding the view from the 1st of October that this decline is likely to take the market to somewhere close to the June 4th low. So, we are set for further decline to come through, although there could be a counter trend bounce along and the market has just printed the 200-day moving average and so we could see a slight relief. But the markets are still on sell on rise.

Is this a cyclical correction? We have seen a raging bull market and of course the