It was a weak day for Dalal Street with the 30-share BSE Sensex was down 80.18 points at 31,075.73 while the 50-share NSE Nifty ended below 9,600 level for the first time since May 26, down 40.10 points at 9,578.05 despite positive market breadth.
Ashwani Gujral of ashwanigujral.com said correction is needed to get the next big rally. However, there is yet no fear seen coming into the market.
Mitessh Thakkar of mitesshthakkar.com says the Bank Nifty is likely headed towards 23200 to 23150 on the downside. So, the Nifty will also come into pressure because of Bank Nifty. So, 9530-9525 on the Nifty could come. This seems like a better pullback than before. So be stock specific in this market.
Market expert Anand Tandon says the fall has been marginal so far and not yet serious.
Talking about the dynamic fuel prices – diesel and petrol from tomorrow, some experts like Tandon believes it will be marginally negative for OMCs and Thakkar expects stocks to see some more downside for the stocks.
However, SP Tulsian of sptulsian.com says dynamic pricing of the fuel will be beneficial for the oil market companies (OMCs). Their core margins are expected to remain intact instead of playing on the inventory gains or losses. He is currently, upbeat only on HPCL.Prashant Prabhakaran of Yes Securities also shared his views on the market and stocks.