Mitessh Thakkar of mitesshthakkar.com said Bank Nifty has held above the 24,900-24,950 zone, but once that is broken then you should look at 24600 and possibly lower levels.
He has turned negative on the index and unless Nifty gets past 10250, the indices will remain under pressure and it will break on the downside. However, while good part of the index is still negative, some specific stocks are showing positive traction, he said.
It was a volatile day for the market, the Nifty slipped below 10,200 and the Sensex gave up half a percent. The Sensex closed down 174.95 points or 0.53 percent at 33053.04, while the Nifty was down 47.20 points or 0.46 percent at 10193.00.
Talking about overall market, Ambareesh Baliga said the macro numbers have been disappointing all through and going ahead, we have the likely Fed rate hike, Gujarat election outcome, so investors might not keep huge positions. So markets may see some downside and support closer to 10,000 levels on the Nifty.
When asked about the rally seen in the milk companies, Baliga said the rally was here to stay and that he was positive on Parag Milk but buy on declines.
With regards to liquor stocks, he said they are done with the move. So, if someone is holding United Breweries then it is time to sell. It will be the end of the rally for the sector, said Baliga.
Talking about the outcome of Gujarat polls on market, Baliga said if the BJP has a clean sweep then markets will rally that is more than 110 seats, if they win between 100-110 then markets might not much react much. But if they go below 100 then there will be some reaction and if they lose, then all hell will break loose.
Sanjiv Bhasin of IILF said Gujarat elections are not going to be a cake walk for BJP. Other factors like bond yields trading above 7.2 percent, crude at higher levels are going to be difficult for the market.
When asked if higher bond yields could puncture the Bank Nifty rally, Bhasin said yes, the index is already underperforming. Even some of the NBFCs are under pressure because with yields rising their cost of money will also rise, he said. In the short run liquidity will factor in most negatives but in the long run without earnings, sustenance will be an issue at 10,500, said Bhasin.
Fundamental expert SP Tulsan of sptulsian.com, technical experts Ashwani Gujral of ashwanigujral.com, Prakash Gaba of prakashgaba.com along with all the other experts shared his views on specific stocks.
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