Market looks oversold, cut short positions: Macquarie

Here are experts’ equity calls for the day on how the market is expected to trade:

Rakesh Arora of Macquarie: The Indian market is looking oversold and at least a trading bounce is in the offing. Strong data from China can support a rebound in the highly oversold metal and mining sector. We advise cutting short positions. This year's good monsoon augurs well for HUL, ITC, M&M, Tata Chemicals and NHPC.

Also Read - Market pullback real, Nifty can touch 5850: Dalton Capital

Laurence Balanco of CLSA: The Nifty price action is showing signs of stability following the test of the support provided by the lower boundary of the trading range which has been unfolding since January. Nifty seems to be set up for at least a short-term rebound, a failure to rebound could increase the potential for an eventual break below 5,500. On the upside it will take a break above 5,828-5,866.