Moneycontrol
Sep 12, 2017 05:56 PM IST | Source: CNBC-TV18

Market breakout not convincing, unlikely to see follow-through: Experts

Ashwani Gujral of ashwanigujral.com is not convinced of the market breakout because it seems to have taken place on back of a likely deal for easing tensions created by North Korea.

The market was in top spirit at the start of the week. Benchmark indices ended over one-month closing highs. Nifty recaptured the peak of 10,000 to close and close at 10,006.05 aided by private banks, infrastructure, FMCG and oil stocks. The 30-share BSE Sensex closed up 194.64 points at 31,882.16.

Ashwani Gujral of ashwanigujral.com is not convinced of the market breakout because it seems to have taken place on back of a likely deal for easing tensions created by North Korea. So, one should keenly watch the market movement. He thinks it’s a weak breakout and will be difficult to see a follow-through beyond 10,050.

Mitessh Thakkar of mitesshthakkar.com says as long as Nifty is above 9980 and the Bank Nifty is above 24500, the bias remains on the long side. It is likely that the Bank Nifty will pull the Nifty up and so, one could see some more trading gains in the next few days although some participants are not participating in the market, he thinks.

Experts S P Tulsian of sptulsian.com and Dilip Bhat, Joint MD at Prabhudas Lilladher spoke on the likely deal between IndusInd Bank and Bharat Financial Inclusion, NBFCs, Larsen and Toubro, power sector.

Sampath Reddy, Chief Investment Officer at Bajaj Allianz Life Insurance Co shared his outlook on the insurance industry. He is upbeat on financials, metals and consumer space as investing idea and IT from long-term perspective.

For the entire discussion, watch video

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