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Last Updated : Aug 30, 2016 05:41 PM IST | Source: CNBC-TV18

Too early to call Nifty @ 9100; wait for small upmoves: Experts

Speaking to CNBC-TV18 in its Closing Bell segment, Ashwani Gujral of ashwanigujral.com said chances are the market has gone into an expansionary phase and further up move of 300-400 points can happen fairly quickly if sectors like IT and banking participate well.


The indices hit new closing highs today but market experts are divided on whether there is still steam left. While some suggest a possibility of the Nifty inching further past its all-time high of 9,100 soon, some believe it might see some resistance around 8,750-8,800.


The 50-share Nifty today ended at 16-month closing high at 8,744 while Bank Nifty ends at 17-month closing high. The 30-share Sensex too ended at 13-month high. 


Speaking to CNBC-TV18 in its Closing Bell segment, Ashwani Gujral of ashwanigujral.com said chances are the market has gone into an expansionary phase and a further up-move of 300-400 points can happen fairly quickly if sectors like IT and banking participate well.

Close

Technical analyst Jai Bala is also fairly confident the Nifty will head past 9,100. He has a medium to long-term target of around 9,600. He advises investors against playing corrections, if any, as he believes in a bull market it is better to stay cautious on the short side.


SP Tulsian of sptulsian.com, however, cautions that while the next few trading sessions could be positive, the second week of September could see selling pressure due to advance tax payment obligations. From mid-September onwards as the advance tax obligations taper off the market may pick up again, he adds.


Ambareesh Baliga also believes it is early to comment if Nifty will reach 9,100 and says he would rather wait to see it first breach the 8,750-8,800 mark before taking any call.  

Sanjiv Bhasin of IIFL and Mitesh Thacker of miteshthacker.com also shared their views.

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First Published on Aug 30, 2016 04:41 pm
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