Market experts Mitesh Thacker and Ashwani Gujral believe it’s a stock specific market and the range for the market is contracting.However, Gujral of ashwanigujral.com expects the levels of 8500-8550 on Nifty to hold on the downside because there is no damage to the broader market as such.
Equity benchmarks continued to reel under selling pressure and ended the day lower. The Sensex was down 91.46 points at 27985.54 and the Nifty down 37.75 points at 8629.15.
It is a market where dips are bought into and rallies are sold, so one needs to be stock specific, says Gujral. Therefore, if some stocks have done well for investors then they can hold on to them, he says in an interview to CNBC-TV18.
Talking about trade for tomorrow he says trade on both sides and if we get closer to today’s lows then buy.
Thacker thinks maybe there could be a breakout around expiry.
SP Tulsian of sptulsian.com and Mayuresh Joshi of Angel Broking also spoke about stock specific ideas.Later in the day, CNBC-TV18 also spoke to Gaurang Shah, VP, Geojit BNP Paribas who said the longer time we send consolidating between 8580-8600 on the lower side and 8670-8680 on the higher side, market will make a strong base. Given the Futures and Options expiry weak there could be choppiness in the market, he said. However, positive domestic newsflow could help Nifty cross the 8700-8730 mark on the Nifty Spot, said Shah.
For the entire discussion, watch video
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