There is potential for the market to climb to 12,300, Jai Bala of cashthechaos.com told CNBC-TV18.

“Even though the market cooled off last week, the Indian markets are doing something different from the US markets,” he added.

Bala further added that the market has probably started a correction. “If the market is going to correct to the move I am thinking, 8,806 to 12,025, you will get about 10,400. But given that there is such a large downside, you will have enough time to make up your mind and enter the market,” he said.

According to Bala, Reliance Industries may hold key for the market. He further added that despite good news Reliance has not been able to take out Rs 2,360. “If it breaks down below Rs 2,100 to 2,044, then that will be the key that market is correcting. Until that doesn’t happen, you can interpret the stock bullishly and maybe even the whole market as well,” he said.

Bala is bullish on ITC, Tata Motors DVR, and IDFC.