It was yet another choppy session on the Dalal Street. The Nifty and Sensex closed one percent lower and banking stocks saw deep cuts. However, the midcap index showed some resilience.
The Sensex fell 407.40 points or 1.18 percent to 34,005.76 and the Nifty declined 121.90 points or 1.15 percent to 10,455.
Dilip Bhat, Joint MD, Prabhudas Lilladher said it is unlikely that the Indian equity market will decouple from the international markets and events because in the last two years US market aided Indian market despite not so good corporate earnings from Indian companies.
However, volatility is here to stay for some time because there are too many moving parts – US bond market, oil prices etc but one can still gradually buy into the market. From next 8-10 it is very likely that Nifty could touch 11,500-12,000 then overall, there is still good money to make in the market, said Bhat.
Ashwani Gujral of ashwanigujral.com said we have two weeks of expansion on the Nifty and the Bank Nifty, so don’t be surprised if we see one-week of sideways moves, which will be range narrowing down. However, the downside is not yet over. For now we are in a bit of a range and that could last for some time.
In the same interview along with Gujral and Bhat, Prakash Diwan, Mitessh Thakkar of mitesshthakkar.com, SP Tulsian of sptulsian.com shared their stock specific outlook.
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