Moneycontrol
May 05, 2017 05:07 PM IST | Source: CNBC-TV18

Market likely to trade sideways next week; banking ordinance positive: Experts

Markets decline on global cues and profit taking, Nifty gives up 9,300 and the Sensex slides 260 points. PSU banks contribute most to the fall after the government announces its bad loan ordinance.

Ashwani Gujral of ashwanigujral.com, S P Tulsian of sptulsian.com, Mitessh Thakkar of mitesshthakkar.com, Prakash Diwan Altamount of Capital Management and Dipan Mehta, Member of BSE and NSE in an interview to CNBC-TV18 spoke about the outlook for the market next week, stock specific views and the impact of the banking ordinance on bank stocks and market overall.

Gurjal said for the next week to the market is likely to trade sideways because the market closed at the lower end of the band but as long as 9250 holds on there is hope.

The hope is also based on the reaction to the news (banking ordinance), PSU banks and banks haven’t sold off but the Bank Nifty is down only 135 points, which tells you that the banking rally may not be done. Moreover, if Reliance too starts coming back from its 50-day moving average then Nifty could again go to 9350.

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