The latest analysis and commentary by stock market experts Harsha Upadhyaya, CIO Equity, Kotak Mutual Fund and Ashwani Gujral ashwanigujral.com on what transpired in the markets through the week and outlook going forwards.
It was mayhem on Dalal Street following the global markets. The Sensex and Nifty ended at lowest closing levels in over 5 months. The Nifty gave up 10,000 levels, to close at 9,998.05 Sensex loses over 400 points to close at 32,596.54 levels. While the Nifty Bank ended at 8-month lows.
The recent newsflow both domestic and local has not helped and there is nervousness but as per our house view we do not worry over current market dynamics and so are not perturbed by this volatility in market. “We remain long-term investors and continue to look for opportunities and any spate of volatility is good for any long-term investments,” said Upadhyaya in an interview to CNBC-TV18.
This year is likely going to be a year of volatility and more moderate returns, he said, adding that within this framework they would continue to invest in spaces wherever they are comfortable with fundamentals.
Meanwhile, Gujral said any rallies towards 10,050 levels should be used to sell into the market. “It is a sell on rally market,” he said, adding that even if the US recovers and there could be a pop for some time but the market would again sell off. The reason for this sell off is mainly banking more than global cues.
Nifty likely to head toward 9680-9700, said Gujral.
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