Will exit longs only if Nifty breaks 8730: Mitessh Thakkar

It was a lacklustre day for the market with the benchmark indices closing flat with a positive bias. The 30-share BSE Sensex was up 17.37 points at 28351.62 and the 50-share NSE Nifty gained 11.50 points at 8805.05.

Ashwani Gujral of ashwanigujral.com said usually after large runs the market often corrects to a 20-day moving average. So the market is likely to consolidate. In the current market breadth scenario, it is difficult for Nifty to take out 9000.

Agreeing with Gujral, Mitessh Thacker of miteshthacker.com said they would be exiting longs only if 8730-8735 on the Nifty is taken out and till then would maintain a range bound outlook.

Talking sector specific, Vinay Khattar, Associate Director & Head of Research Edelweiss Broking Ltd sadi the auto ancillary pack which has posted good numbers have good growth prospects and will continue to see positive action in them going forward. Stocks like Bharat Forge, Motherson Sumi have shown a higher degree of growth, he adds.