Market to trade sideways for few days before breakout; banks to support: Expert

Ashwani Gujral of ashwanigujral.com, S P Tulsian of sptulsian.com, Prakash Gaba of prakashgaba.com, Mayuresh Joshi Angel Broking and Neeraj Deewan Quantum Securities in an interview with CNBC-TV18 shared their views on market and stock-specific outlook.

The Indian equity market ended a rangebound session with marginal losses but the midcap continued to rally, with the index hitting a new high. Midcaps have rallied 22 percent so far this year.

The 30-share Sensex was down 130.87 points at 29575.74, while the Nifty was down 16.85 points at 9181.45. The market breadth was in the positive zone, but was narrow as 1,764 shares advanced against a decline of 1,163 shares, while 128 shares were unchanged.

A bunch of heavyweights dragged the index.

Gujral reiterates his earlier stance that the market will remain sideways for few more days and then break on the upside.

According to him, we are unlikely to see  a deep correction. He thinks with IT and RIL down, banks will take the market up.

For full discussion, watch video