Market consolidating; telecom biz key for RIL performance: Pros

The market is in a mood of consolidation and is likely to correct further tomorrow or the day after, believes Mitesh Thacker of miteshthacker.com. The good buying range for Nifty would come around 8350-8355. So buy with a stop loss below 8330-8300, which is a strong support zone. Above 8450-8460 one would look to book profits on index positions, adds Thacker.The market today ended the session in red. The Sensex was down 52.51 points or 0.2 percent at 27235.66 and the Nifty slipped 14.80 points or 0.2 percent at 8398.Ashwani Gujral of ashwanigujral.com is of the view Nifty will move sideways for the next couple of days. It will be difficult for Nifty to take out 8400-8450 especially with Reliance Industries, IT not performing.Talking about earnings, Dipan Mehta, Member BSE & NSE, says RIL had already run up prior to numbers but the numbers failed to beat the street and so the stock corrected. Longer term as well the success of its telecom venture is important for share price movement. So, the big trigger for the stock will be telecom business going forward, he adds. He is also looking forward to numbers from private sector banks and the NBFCs that have been beaten down post demonetisation. Will look closely in terms of NPA and loan growth problems. If there are none, then the NBFC space will see a revival. However, first few numbers from the banking and financial space suggest they have handled demonetisation well. In the same interview SP Tulsian of sptulsian.com and Deepak Shenoy, Founder, Capitalmind.in also shared their stock specific views.Disclosure: Network 18, which publishes moneycontrol.com, is a part of the Reliance Group.