The market today saw a bit of consolidation but Ashwani Gujral of ashwanigujral.com believes it could just be a mild correction of 50-70 points to about 9050-9070, which would turn out to be a strong support for the market.
The 30-share BSE Sensex declined 130.25 points to 29,518.74 and the 50-share NSE Nifty fell 33.20 points to 9,126.85. However, the broader markets outperformed benchmarks, with the Nifty Midcap rising 0.4 percent.
However, the lower-end of the range needs to be defined and that will happen when the market comes back sharply from a low, says Gujral. To get some short positions in and have a sharp reversal there needs to be sharper action on the downside, he adds.
Prakash Gaba prakashgaba.com says 9218 is a very level for the Nifty and an easy one to cross.
In the same interview, Mayuresh Joshi of Angel Broking, market expert Sudip Bandopadhyay and SP Tulsian of sptulsian.com too shared their views on stock specific action.For the entire discussion, watch video