As is customary there is now a series of interviews to find out whether we are in a bull market or a bear market.

Udyan Mukherjee is speaking to a host of experts to ask for their views.

Rakesh Jhunjhunwala – (whose call on the IT stocks last June was bang on target) says we are IN a BULL market, but we are going through a correction. And it will last about 18 months.

Shankar Sharma – who is of the opinion that we are in a BEAR market which can last 2-3 years.

Frankly we are all searching for that “magic pill” which will tell us the correct answer.

Unfortunately, there is no asnwer.

I think to be able to take any action (i.e. to know when to buy and sell) one needs to know the following:

1. At 21,000 you should have known the direction (markets will go down)

2. How low can the market go (say 14,300)

3. How long will it remain there?

4. When will it turn back up?

AND THEN HAVE THE CONVICTION that he is right even if he gets signs that he might be wrong!

And as John Templeton says, :I do not know anybody who knows anybody who has been able to time the market EVERY TIME! Surely, it looks impossible!

So are we in a bear market, bull market, sideways market, linear bear run, etc. is actually known only to Mr. Benjamin Graham’s fictional character Mr. Market!