Nifty managed to cover the day’s low in today’s trading session but still ended 20 points below than the previous closing.
Market expert, Sudarshan Sukhani says that the index can go anywhere from this point and there is no trade in the Nifty index until the 7800 mark is breached or 7950 is taken on the upside.
However, he expects individual stocks to keep offering trading opportunities.
Ashwani Gujral points out that the 7950 mark has been repelled many times now and one needs to decide whether this drop in the market is a pullback or not before trading.
Giving an outlook on the state of public sector undertaking banks (PSBs), Varun Goel of Motilal Oswal sees stress assets to wear out in the next 1-2 quarters and advices investors to be selective when buying PSBs.
Agreeing with Varun, market expert Ambareesh Baliga also sees the pain in PSBs to wear out in the next 2-3 quarters as adverse news is already known, there won’t be any negative surprises.
He also advises investors to stay with SBI as it is one the better PSB stocks and its merger with its associates will be beneficial in the long term.
Baliga sees PSBs to do better than private sector banks after a while, as private sector banks can still give negative surprises.Watch video for more.
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