Mazhar Mohammad of Chartviewindia.in said as Nifty50 almost rallied around 4 percent in last two sessions it can undergo some profit booking in next one or two sessions as it is likely to test its 200 Day Moving Average (10752).
Experts said if the crude oil prices remain around these levels for couple of months or more then earnings could be healthy in second half of FY19
VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said now it is upto Das to prove his credentials.
Despite Tuesday's recovery Mazhar advised traders not to get carried away and focus shall continue to remain on stock specific opportunities.
Global headwinds like escalating trade war between US & China, Britain’s Parliamentary vote on Brexit and fears of a slowdown in global economic growth in 2019 has already led to a sharp spike in risk aversion for risk assets like equities.
The market reaction on December 11 will completely depend upon the outcome of the elections in the critical states of Chhattisgarh, Madhya Pradesh and Rajasthan.
Experts at Anand Rathi Securities believe that a knee-jerk reaction is possible but investors will look forward to the election results too
Mazhar said as market is looking vulnerable for a big sell-off short term he advised traders to refrain from creating fresh long positions by making use of dips.
This is a very challenging time for global and local equities, Shah told CNBC-TV18, adding that the current market may not be a buying opportunity.
Barclays said there could be a risk of populist policies if results come as exit polls suggest. All five states elections results will be announced on December 11.
At the close of market hours, the Sensex was down 713.53 points or 2.00% at 34959.72, and the Nifty down 205.20 points or 1.92% at 10488.50.
We are expecting highly volatile ride in next week so it is better to stay away from trading for next 3-5 days, says Sumit Bilgaiyan of Equity99
There is still lot of uncertainty due to lack of detail on production quotas for individual producers
Equities ended the week on a strong note, with the Nifty ending the session above the 10,650-mark on December 7
Madhya Pradesh, Rajasthan and Chhattisgarh are key ones for both BJP and Congress ahead of Lok Sabha elections.
This could be the case if elections results throw up an unfractured mandate and earnings momentum is maintained.
Candlestick charts are a visual aid for decision making in stock, currency and commodity trading. Some investors find them more visually appealing than the standard bar charts and the price actions easier to interpret.
Post elections results if the market fails to sustain above 10,750 levels on closing basis then there will be a bright chance of resuming downtrend with initial targets of 10,450, Mazhar said.
The index decisively breached its 200 DEMA and formed a bearish candle on daily charts.
All sectoral indices and the broader market traded in line with the benchmarks. The NSE Midcap, Bank, Auto, FMCG, IT and Realty indices were down 1-2 percent.
Mustard-seed supply from March to November was 68 lakh tonnes, with carried-forward stocks with farmers, processors and stockists estimated at 11 lakh tonnes.
The focus will also be on crude oil prices, Mayuresh Joshi of Angel Broking said. The expert was speaking about the much-talked-about OPEC meet
According to Chandan Taparia, if indices decisively breach its 200-day moving average, whose value is placed around 10,749, then this correction will eventually get extended towards 10,489 levels.
If interest rates remain lower, then the cost of holding gold will come down and the dollar will fall further
Mazhar Mohammad of Chartviewindia.in said post event outcome if indices fail to rally beyond 10,950 levels then that can be a sign of near term weakness for this market.