Smooth expiry: Experts mixed on October

Moneycontrol Bureau

It was smooth expiry session of trade for the markets. The uncertainty from Europe did not deter the markets. The Nifty climbed 69 points to close at 5015. The Sensex too shut in green to close 252 points higher at 16698. (Read how the market panned out)

Vivek Mavani, Vice President and Senior Portfolio Manager, Brics Securities says that the market has not bottomed out as far as indices are concerned.  "Last couple of months as indices hit new bottoms, lot of stocks were not falling and probably they had already fallen enough before and they seem to have found some bottom supported by either valuations or some value buying coming in at lower levels," Mavani adds.

Also read: Goldman Sachs sees 40% risk of 'Great Stagnation'

He thinks there are bound to be lot of negative surprises in October and that is what key things would be to watch out for besides ofcourse the global events.

However, Rahul Mohindar, viratechindia.com feels that it would certainly be a positive. "So, getting above 5020 would means that we go up towards that upper range of 5150 to 5200 because that is really the resistance of previous one month that has been the major block hole and it is only once we get through that we would see some long-term angle shifting," Mohindar adds.

Siddharth Bhamre, Angel Broking explains that it is quite possible that again 5150-5200 range would act as a resistance at least initial part of October series. "Our call for at least first two weeks of October series or first 1-1.5 week of October series just don