Nifty has seen support at around 8,720 levels in the past few days. If Nifty breaks this level, there is going to be a further downside of about 80-100 points, said Mitessh Thakkar of mitesshthakkar.com.
The market ended in red on Wednesday — the last day of results. The Nifty closed 67 points lower at 8,724, while Sensex fell 183 points intra-day, ending at 28,155 points.
The market is very strong and a lot of money is flowing into it, said Ashwani Gujral of ashwanigujral.com. He adds that till global market continues to flourish, local market may not see big declines and corrections will be short lived.
So, he said, it is very early to take short positions in the market as it remains on a fairly decent uptrend.
Abhimanyu Sofat of IIFL was bearish on the IT stocks due to the uncertainty from US President Donald Trump's protectionist policies. He is also concerned about the pharma sector due to the pricing pressure in the US.
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