Gautam Shah of JM Financial said if Nifty closes below the support of 5950-6000 then it may fall another 5 percent.
Here are experts’ equity calls for the day on how the market is expected to trade:
Gautam Shah of JM Financial: Nifty ending the ongoing bounce around 6100-6150 is quite high. From this region the bears could make their presence felt and have another go at the 5950-6000 support zone. A close below this opens up another 5 percent on the downside.
Sakhti Siva of Credit Suisse: Roughly two-thirds of the companies that have reported continue to miss consensus EPS. For India, the downgrade to 2014 consensus EPS is much smaller, at -0.3%, with 38 companies having reported so far. We continue to suggest buying the dips, as MSCI Asia ex-Japan price-to-book is close to trough valuations, but we acknowledge the continued downtrend to 2014 consensus EPS.