The market will continue to see more weakness and on the downside 10,050-10,100 levels should be good support.
Nifty failed to gain momentum throughout the day on October 23 and ended up 98 points lower at 10146. Bank Nifty which was showing strength on the back of HDFC Bank numbers failed to gain momentum, said Vikas Jain, Senior Analyst at Reliance Securities.
We have seen a good amount of sell-off on Bank Nifty as well as Nifty. The energy basket got sold off as select heavyweights continued to put pressure on the market, he added.
We believe the market will continue to see more weakness and on the downside 10,050-10,100 levels should be good support. Around 10,050 is strong support and we believe the market should hold on to this level in the current expiry.
Jain picked HDFC Bank for a buy as it has multiple support levels Rs 1,930-1,950.Watch the video for more...