It was a range bound session for the market, both indices swayed in a narrow band and closed flat. The Sensex was up 17.47 points at 29336.57, while the Nifty was down 1.65 points at 9103.50. The market breadth was positive, but narrow, as 1,615 shares advanced against a decline of 1,223 shares, while 181 shares are unchanged.
The midcaps continued their dream run but the bank stocks underperformed with 9 out of 12 stocks ending in red.
The big range for the Bank Nifty would be around 21,400 to 21,750-21,800, said Ashwani Gujral of ashwanigujral.com.
Gujral does not think it will be a big downside for the market but could be a slow grind down. 9040-9050 on the Nifty and 21,400 on Bank Nifty remain crucial levels.
Mitessh Thakkar mitesshthakkar.com said it’s a market where most of the indicators that are tracked are turning flat. However, at any declines, he advises buying aggressively, maybe around 9050-9030 zone. Till then the approach should be stock specific in the market.
This being a sideways market, every day the trends could be different. Today was a down day for PSU banks. However, NBFCs remain in strong trend.
Dilip Bhat Prabhudas Lilladher, Prakash Diwan Altamount Capital Management and S P Tulsian sptulsian.com also shared their stock specific views along with Gujral and Thakkar.For the entire discussion, watch video