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Market can see some consolidation, focus on infra, cement and tech companies: Experts

After the significant gains made after the Budget presentation of February 1, markets can see some consolidation in the coming days, say experts.

February 15, 2021 / 07:31 AM IST
Sensex
Last week, market saw some consolidation but ended a percent higher on the back of robust quarterly reports from India Inc and continued FII support. BSE Sensex added 812.67 points, or 1.6 percent, to end at 51,544.30 and while the Nifty50 added 239.05 points or 1.6 percent to finish at 15,163.30 levels. Here are some expert views on what to expect this week and what strategy to follow:
Rohit Singre, Senior Technical Analyst at LKP Securities | The index has formed good support at 15k mark and any dip near said levels will be again buying opportunity for the overall targets of 15,250 zone which is the strong hurdle on the higher side. The current range is 15,000-15,250 zone either side breakout will decide the final direction of index.
Rohit Singre, Senior Technical Analyst at LKP Securities | The index has formed good support at the 15,000-mark and any dip will again be a buying opportunity for the overall targets of 15,250 zone, which is the strong hurdle on the higher side. The current range is 15,000-15,250 zone either side breakout will decide the final direction of the index.
Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments | The target of 15,500 is still open and traders can accumulate positions for this target with a strict stop below the 14,500 mark which is good support for the index. Since the risk reward ratio is skewed, a buy on intraday corrections would be a prudent way to enter long positions.
Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments | The target of 15,500 is still open and traders can accumulate positions for this target with a strict stop below 14,500, which is good support. Since the risk-reward ratio is skewed, a buy on intraday corrections would be a prudent way to enter long positions.
Vinod Nair, Head of Research at Geojit Financial Services | Market can undergo some consolidation after the sharp gains made post the reformist union budget. The broad undercurrent of the market may remain constructive especially on the small and midcaps. But the sentiment of global market will play an important role in deciding the short-term trend which is getting mixed due to weakening European market.
Vinod Nair, Head of Research at Geojit Financial Services | The market can undergo some consolidation after the sharp gains made following the Budget. The broad undercurrent may remain constructive, especially for the small and midcaps. But the global market will play an important role in deciding the short-term trend, which is getting mixed due to a weakening European market.
Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities | Going ahead mid and small-size companies could hurt the market if the Nifty 50 index fails to break the 15,260 levels. This is a strong market, but recent levels where the Indian stocks are trading are far from recent lower levels, although if we look at the previous data, whenever the Nifty 50 index recorded more than 1700 to 2,000 points, it got corrected by 500 to 1,000 points. Based on the chart of large-cap companies, the weakness is increasing in the short term, and it would probably lead to a quick correction to the level of 14,850 or 14,750. If the Nifty 50 index crosses 15,270 for the 15,500 levels, it would be advisable to buy. Below the level of 15,100 will lead to further weakness. In the coming week, the focus should again be on infra, cement, commercial vehicles and technology companies.
Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities | Going ahead, mid and small-size companies could hurt the market if the Nifty fails to break the 15,260 level. This is a strong market but recent levels where the Indian stocks are trading are far from recent lower levels, though if we look at the previous data, whenever the Nifty recorded gains of more than 1,700 to 2,000 points, it got corrected by 500 to 1,000 points. Based on the chart of largecap companies, the weakness is increasing in the short term and it would probably lead to a quick correction to the level of 14,850 or 14,750. If the Nifty crosses 15,270 for the 15,500 levels, it would be advisable to buy. Below 15,100, will lead to further weakness. In the coming week, the focus should again be on infra, cement, commercial vehicles and technology companies.
Nirali Shah, Head- Equity Research, Samco Securities | Markets seems to have factored in all the crucial events and the coming week may witness consolidation or short-term healthy dips in prices. Going ahead, markets may witness a tug-of-war between bulls and bears in the near-term. We suggest investors maintain a buy on dips strategy. Nifty closed the week at 15163.3, up by 1.6%.
Nirali Shah, Head- Equity Research, Samco Securities | The market seems to have factored in all the crucial events and the coming week may witness consolidation or short-term healthy dips in prices. Markets may witness a tug-of-war between the bulls and the bears in the near-term. We suggest investors maintain a buy on dips strategy. The Nifty closed the week at 15163.3, up 1.6%.
Likhita Chepa, Senior Research Analyst at CapitalVia Global Research | After the significant gains made after the union budget, the markets could experience some consolidation in coming days. Majorly, the uptrend of the market can remain positive for small and mid- caps. The global consumer sentiment would play an important role in evaluating the short-term trend which is not certain because of the weakness of the European market.
Likhita Chepa, Senior Research Analyst at CapitalVia Global Research | After the significant gains made after the Budget, the markets could experience some consolidation in the coming days. Majorly, the uptrend can remain positive for small and midcaps. The global consumer sentiment would play an important role in evaluating the short-term trend, which is not certain because of the weakness in the European market.
Rakesh Patil
first published: Feb 15, 2021 07:31 am

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