The Indian equity market snapped its four-day gaining streak. However, the Nifty managed to hold on to the 9400-mark. For the week the benchmark indices rose over 1 percent with auto stocks outperforming with a 3 percent jump.
The 30-share BSE Sensex was down 62.83 points at 30,188.15 and the 50-share NSE Nifty slipped 21.50 points to 9,400.90.
Mehraboon Irani, Independent Market Expert is of the view that market is likely to consolidate from here. According to him, the best part of the market is that there is not much of complacency but the sentiment is still good. If complacency sets in then it would be worrying, he thinks.
Currently, falls are being bought into but in case there is an untoward incident then one could see a sharp fall in market but the direction is still positive.
Ashwani Gujral of ashwanigujral.com says the market is still contracting and not expanding. The market could trade in a range. It does not look like there is great upside to the market yet. The market range could now be 9350-9450 instead of 9250-9350.
Talking about the banking issue- the divergence between the NPAs that the banks have reported and what the RBI has saying, Irani says it is an irritant, which could lead to a correction in banks. This could dent sentiment in the near-term. However, this does not mean the dream run witnessed by PSU banks has come to an end. He also advices buying selectively into this correction. He continues to be upbeat on Punjab National Bank, SBI and OBC.
Gujral says capital goods should now form a part of your portfolio but for trading you need to wait for declines.
S P Tulsian of sptulsian.com, Mitessh Thakkar of mitesshthakkar.com and Dipan Mehta, Member of BSE & NSE also shared their stock specific views.For the entire discussion, watch video