Stock market guru, Jai Bala, on Friday said market is heading to a record highs in the medium term.

"The market is stretched a bit in the short-term and we are going to see some dip for the market, possibly 10,500 odd levels. If it's going to be deep correction, maybe even 10,300. However, whether it's going to be a shallow correction or a deep correction, are equally poised,” Bala said.

“I have been saying for some time now that the medium term trend is intact and the market is going to record highs; there is no change in that view. This week’s print of 10,867 is pretty significant for the market and in a way confirms that this market is heading to record highs in the medium term. In the short term, we are going to see some pullback,” he added.

Speaking about consumer stocks, Bala said, “Bata is a long with a stop below Rs 940 and can expect record highs past Rs 1,280-1,320. VIP Industries is starting to look good. Possibly record high is coming there too. Frontline names like Hindustan Unilever (HUL) are looking quite strong and in the medium term it's likely to cross Rs 2,000.”

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First Published:Nov 30, 2018 6:04 PM IST