Nifty could continue to slip, and in the medium term may give up 10,800 levels. Prefer Biocon as a bet in pharma, and ONGC from the oil and gas space.
As the market continues to remain under pressure due to liquidity concerns in the NBFC space, expect volatility to remain ahead of F&O expiry of September contracts.
The US-China trade war talks remain unresolved and maximum underperformance is witnessed in financials, realty and auto sectors which have slipped between 6 and 12 percent. The IT sector has bucked the trend giving a safe haven to investors.
Nifty could continue to slip, and in the medium term can give up 10,800 levels as well dip below its 200 DEMA. Prefer Biocon as a bet in pharma and ONGC from the oil and gas space.