Watch accompanying video of Nilesh Shah, MD of Kotak Mahindra AMC, Utpal Sheth, CEO & Partner of RARE Enterprises, Raamdeo Agrawal, ED of Motilal Oswal and Sandeep Kothari, Portfolio Advisor at Fidelity International along with Ramesh Damani decoding the Indian markets.
In an interview with CNBC-TV18 Ajay Srivastava, CEO of Dimensions Corporate Financial Services and Ashwani Gujral of ashwanigujral.com shared their reading and outlook on the market and also gave recommendations on various stocks.
Experts such as Devang Mehta, Head – Equity Advisory at Centrum Wealth Management believe that there is no reason to panic as corrections are a part and parcel of any bull market.
"We are taking slightly contra view on index and expect Nifty index to see a short-term pullback from current level. Till the time Nifty is trading above 10033.35, the Higher Top Higher Bottom formation on weekly chart remains intact. On weekly charts, RSI (14), has signaled an oversold condition post the formation of a bearish divergence," says Aditya Agarwal, Head Technical Research at Way2Wealth Brokers Pvt. Ltd.
“The trajectory looks a lot more volatile this year. Unlike 2017 which had a clear up run, that’s not going to be the case in the year 2018. Considering we are sitting in a pre-election year, things are likely to remain volatile amid challenging macro environment,” said Sandeepa Arora, President, IIFL Institutional Equities.
In an interview with CNBC-TV18, Rahul Ajmera, CEO of IIFL Institutional Equities spoke about his reading of the market and his outlook. He was speaking from the side-lines of IIFL Enterprising India Conference.
"There could be further pain in the market," said Rishi Kohli, MD -Pro Alpha Systems.
In an interview to CNBC-TV18, from the sideline of the IIFL Enterprising India Conference, Ashutosh Datar, Equity Strategist at IIFL Institutional Equities shared his views and readings on the market.
In an interview with CNBC-TV18, Ayon Mukhopadhyay, Director of IIFL Institutional Equities for UK and Europe spoke about his reading of the market and his outlook. He was speaking from the side-lines of IIFL's 3-day India Global Investors Conference.
Interview with Hemang Jani, Head — Advisory, Sharekhan.
In an interview to CNBC-TV18, GV Giri, Head of Research at IIFL Institutional Equities spoke at length about IIFL’s conference and shared his views on the market.
"Indian market is under pressure largely on account of both domestic as well as global factors. But, in the near term, it will be global cues which will give direction to the Indian market," says Pramod Gubbi of Ambit Capital.
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.
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.