Mkt to stabilise near-term, may breach 8K later: Pros

It was another choppy day for the market with both the indices closing weak. The Sensex was down 170.45 points or 0.6 percent at 27225.93, and the Nifty slipped 45.85 points or 0.5 percent at 8239.75.In spite of the volatility in the market, both Taher Badshah Motilal Oswal AMC and Deven Choksey KR Choksey Shares believe that the market may stabilise and is likely to gain ground going forward. According to Choksey, fundamentally there is no reason for any concern because valuations still look attractive. The market is currently in the oversold zone, so one could see buying at lower levels, feels Choksey. Sudarshan Sukhani s2analytics.com says with the trading range narrowing further the market is ripe for one big move – the move could be either up or down but may not be a large one of 1000 points. Even if it market goes up, at some point it is likely to breach the 8000 levels on the downside, says Sukhani.Meanwhile, Badshah says the whole of the market now seems to have become a buy. Autos and banks have seen a good correction and look attractive at this juncture, he adds.Choksey is very bullish on the financials which have insurance business embedded in them. He also likes the private sector banks.