At the time of market closing, the Nifty today defended the 6956 mark but the day was very volatile and the Railway Budget although a comprehensive one according to some, was not positive for the market.
According to Jigar Shah, CEO, Kim Eng Securities global factors, selling by foreign institutional investors (FIIs), and the fact that Indian economy and corporate earnings have not improved significantly are still weighing on the market. Moreover, the Union Budget is also not expected to be dramatic or extraordinary and it is more likely that the Finance Minister will be walking the tight rope.
However, Shah says even in these volatile times are some compelling names that are good buying opportunities - names like Maruti, Motherson Sumi, INOX Wind, Exide Industries, Power Grid.
Sudarshan Sukhani of s2analytics.com believes the downtrend is persistent and maybe after three days of decline there could be a relief rally but the trend is down, so be short in the market.
Ashwani Gujral of ashwanigujral.com says tomorrow maybe at the start we could see a 70-80 point gap up opening but one must use that to sell.
With regards to Railway Budget that was presented today, SP Tulsian of sptulsian.com is not very disappointed and Parag Thakkar of HDFC Securities also thinks there are many positive things happening but the effect of that will into earnings of the companies only by 2019 or so.
For more on their stock specific vides, watch video
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