Moneycontrol
Dec 04, 2017 04:16 PM IST | Source: CNBC-TV18

Keep close eye on US mkt; 10,100 not good support for Nifty, sell on rallies: Pros

Mitessh Thakkar of mistesshthakkar.com said selling on rally would help and momentum would come in once we break below 10,100, then we could see severe declines.

Mitessh Thakkar

The market on the first trading day of the week managed to close in the green after a range bound trade but the bank stocks dragged along with Maruti, Reliance Industries and Sun Pharma. However, FMCG and IT stocks led support.

All eyes are on the RBI monetary policy.

The 30-share BSE Sensex was up 36.78 points at 32,869.72 and the 50-share NSE Nifty rose 6 points to 10,127.80.

Ashwani Gujral of ashwanigujral.com said if the US market rallies 250-points today then we may again have a gap-up market. So till 9700 whatever rallies you get, one has to short those rallies because things are not going to reverse in a hurry. However, one must keenly watch how the US reacts to its newsflows and whether is sells on rallies there as well, and if it is so, then we will fall faster, and if it still goes up then maybe we will fall slowly.

The way we are hanging around the levels of 10,100 does not show there is great support at these levels.

Mitessh Thakkar of mistesshthakkar.com said selling on rally would help and momentum would come in once we break below 10,100, then we could see severe declines happening but till that happens, one can use intraday bounce backs to sell into. Anything close to 10,200- 10,220 would be excellent levels.

In the same interview, SP Tulsian of sptulsian.com. Mayuresh Joshi of Angel Broking, Neeraj Deewan of Quantum Securities along with Gujral and Thakkar share their views on specific stocks.
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