The Indian equity market today bounced back, Nifty ended just a point under 9900, while the Sensex flirted with 32,000. The Bank Nifty outperformed and hit fresh lifetime highs.
The 30-share BSE Sensex rallied 244.36 points or 0.77 percent to 31955.35 and the 50-share NSE Nifty rose 72.45 points or 0.74 percent to 9,899.60, backed by FMCG, pharma and metals stocks.
Ashwani Gujral of ashwanigujral.com believes that the Bank Nifty is likely to lead the Nifty beyond 10,000. But the market could continue to be choppy as the Nifty is still range bound. So, one can keep buying dips in Bank Nifty.
Mitessh Thakkar mitesshthakkar.com says he would be keen to buy the index only when it goes above 9920 but stock specific longs still continue. 9820 on the Nifty is the immediate support and any decline or correction will happen only if it breaks below this level.
However, he is not sure if 9920 will be crossed tomorrow, but if it does then Nifty would resume its uptrends and test of 10,000.
Other market experts Amisha Vora Joint Managing Director Prabhudas Lilladher, Sudip Bandopadhyay and S P Tulsian sptulsian.com also spoke on the ONGC-HPCL merger, ITC, earnings reporting stocks like Bajaj Finance, Havells India, as well as metal stocks like Nalco, Hindalco, Tata Steel.
Tulsian says as long as HPCL remains to be a separate listed entity, and ONGC being holding company, the HPCL-ONGC merger will be positive.
Meanwhile, Vora is upbeat on Jindal Steel and Power, Hindalco and Tata Steel. There are other smaller players like Prakash Industries, are seeing traction, she says.
For the entire discussion, watch video
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