The market today failed to hold the gains made in the morning session. The Sensex and Nifty closed flat. Bank Nifty was volatile. The 30-share BSE Sensex was up 0.77 points at 31,662.74 and the 50-share NSE Nifty gained 13.70 points at 9,929.90.
Ashwani Gujral ashwanigujral.com says the range for the market is getting narrow and how long that will continue only time will tell because even global markets are in narrow range. So now the market has consolidated and are ready and waiting for a trigger. Most likely the breakout could happen by the third week of September.
Independent Market Expert Mehraboon Irani says nothing much has changed for the market. For the last six months domestic liquidity has been supporting the market and not FIIs. He is bullish on the financials, autos and auto ancillary space. “So from here on, money making is not going to be easy despite the fact that market is not going to reverse sharply, one has to be very stock specific,” adds Irani.