Moneycontrol
Nov 23, 2016 08:08 PM IST | Source: CNBC-TV18

Strong positive trigger key for a fair market pull-back: Pros

The 50-share Nifty should consolidate between 7,920 - 8,100 for a few weeks, according to Mitesh Thacker of miteshthacker.com.

Demonetisation and Donald Trump's election win have long been priced in. The Nifty is trying to pick up back to 8,100 levels, says Ashwani Gujral of ashwanigujral.com. But it does not have a positive trigger to move upwards.

The market has finally taken a break from accelerated selling, with Nifty rising 31 points closing at 8,033 points and Sensex ending 91 points higher at 26,051.

The Nifty is going to consolidate between levels around 7,920 and 8,100 for a few weeks, Mitesh Thacker of miteshthacker.com.

Gujral says there are many sectors where long positions can be taken. He is mainly keen on the fast-moving consumer goods (FMCG) stocks, saying the possible decline in consumption due to the scrapping of Rs 500 and Rs 1000 is priced in and these stocks may soon see good growth.

Parag Thakkar of HDFC Securities says the volumes for all branded players are going to increase. He suggests going long on all consumer facing stocks.

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