Moneycontrol
Dec 05, 2017 04:16 PM IST | Source: CNBC-TV18

Market may chop around in 100-point range before moving higher: Experts

It is clear that market is finding resistance in going down and if Reliance continues having couple of more good days then it becomes difficult for the Nifty to fall, said Ashwani Gujral.

CNBC TV18 @moneycontrolcom

The Nifty today managed to hold on to 10,100 levels on back of outperformance from bank stocks. Reliance too supported the market.

The 30-share BSE Sensex was down 67.28 points at 32,802.44 and the 50-share NSE Nifty fell 9.50 points to 10,118.30.

Ashwani Gujral of ashwanigujral.com is of the view that the index could chop around in a 100-point band 10,100-10,200 before it moves higher. Maybe the RBI policy will lead the financials to go up.

It is clear that market is finding resistance in going down and if Reliance continues having couple of more good days then it becomes difficult for the Nifty to fall, said Gujral.

One can also see lot of participation in the market from NBFCs. So there is good chance that both Bank Nifty and Nifty may have made lows and whatever RBI says it is priced into the market, said Gujral.

According to Mitessh Thakkar of mitesshthakkar.com, the breakdown below 10,100 hasn’t happened, and the fact that we tried to break down below those levels in the last two days but still did not, tells us that throwback should happen.

So, unless today’s low of 10,070 gets broken, we may visit 10,200-10,230 first before breaking out eventually. So, till 10,070 holds one may trade long for a few days,  said Thakkar.

Market experts SP Tulsian of sptulsian.com, Ambareesh Baliga, Anand Tandon along with Gujral and Thakkar spoke on sectors like real estate, sugar, financials, Bharat Forge, Shriram Transport and others.
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