Jain believes that it will not have a long term overhang. He doesn't think this is s systemic fraud that will have a cascading impact.
The Midcap earnings were far better but headline growth was skewed by a few names. It’s surprising that this market has held up relatively well at clearly stretched valuations.
"The index has formed a Bearish Belt hold type of candlestick pattern as opening and intraday were the same. After the last seven days of sideways price action, the index is showing signs of breakdown and resumption of downtrend with new closing low for the decline starting from its all-time high," says Ashish Chaturmohta, Head of Technicals and Derivatives, Sanctum Wealth Management.
Ajay Srivastava said private banks are largely unaffected but now it is becoming banking to economy problem.
Watch the interview of Ashwani Gujral, Mitessh Thakkar, Mayuresh Joshi, S P Tulsian and Ambareesh Baliga with Anuj Singhal and Surabhi Upadhyay on CNBC-TV18.
We maintain a weekly rangebound trade for the index with 10590 on upside and 10320 on downside. It will be advisable to approach bottom-up strategy and to use every rally as selling opportunity on short-term basis.
Believes that the market is good for investment at this stage. However, aggressive returns of 2017 may not be repeated, but on a 2-year basis, investors can expect positive returns, he said.
We believe markets will see some time wise correction from current levels in the broader range of 10,300-10,700 levels over the next few weeks, says Vikas Jain
With bearish undertone prevailing further downside could not be ruled out. Thus low-risk hedge strategy Long Put Condor is recommended in Bank Nifty.
The Nifty has retraced only 35 percent of the decline (especially because of PNB's fiasco that panned out in the last two sessions). Hence, the index is poised for a pullback, which may also trigger FII inflow.
"It would be advisable to diversify your portfolio and follow an asset allocation approach to investing for your goal, and thereby optimize your risk and returns," says Sampath Reddy, Chief Investment Officer, Bajaj Allianz Life Insurance.
"The current Indian bull market (which has delivered cumulative returns to date of 145 percent over the last four years) is all set for a final frenzy given post the “pause” in the closing months of 2016," says Saurabh Mukherjea is the CEO of Ambit Capital.
There is a lot of room for correction and it this point the midcap space still seems to be overvalued, and we would not recommend touching this counter right now, Nikhil Kamath, Co-founder and Head of Trading, Zerodha, said in an exclusive interview with Moneycontrol’s Kshitij Anand.
Buying futures needs a surety of the direction as the payoff is linear but Options can still help you add returns due to its Non-Linear Payoff behaviour," says Shubham Agarwal CEO & Head of Research at Quantsapp Private Limited.
"A short-term bottom in place around a recent low of 10,276 levels. As the market has moved in a range bound manner in the current week between 10,637 – 10,398, traders should focus for breach of these levels and the move outside this range can be swift in the direction of the breakout," says Mazhar Mohammad Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in.
MSCI has condemned the move made by Indian exchanges to cut off the supply of data to SGX. In an interview with CNBC-TV18, Dipan Mehta, Member of BSE and NSE shared his views and readings on the same.
He believes the markets are not looking into any bubble territory, they look reasonable and healthy
Two important moniterables for the money market today - the first, RBI has moved to talk down yields by saying they are ready to inject additional liquidity. The second is the widening trade deficit. In an interview with CNBC-TV18, Ananth Narayan discussed the same to make sense of both pieces of news.
Watch the interview of Ashwani Gujral, Prakash Gaba, Sandeep Wagle, and Chandan Taparia with Anuj Singhal, Latha Venkatesh and Sonia Shenoy on CNBC-TV18.
10,000 is the first major support below which 9,200 is possible. 9,200 is close to a 61.8 percent retracement of the entire move from the December 2016 bottom to the February 2018 top.
"The weekly Bearish Engulfing pattern is still intact. Considering the evidence, we reiterate our cautious view on the index and expect it to correct in the near term," says Aditya Agarwal, Head Technical Research, Way2Wealth Brokers Pvt. Ltd.
Investors have nothing to worry if interest rates rise in tandem with growth emerging markets (EMs) have nothing to fear.
We expect base formation around the support area will make the market more healthier and pave the way for next leg of upmove.
The USD 1.8 billion fraudulent transactions detected at Punjab National Bank (PNB). In an interview with CNBC-TV18, Ajay Srivastava, CEO of Dimensions Corporate Finance Services shared his views and readings on the same.
We expect volatility to extend further and one needs to trade on strict levels as it is buy on the dip and sell on rise market for the near term.