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Slideshow | Market to remain volatile, prefer buy on dips: Experts

Last week, BSE Sensex gained 557.38 points, or 1.47 percent, to close at 38,434.72, while Nifty50 rose 193.2 points, or 1.72 percent, to end at 11,371.6 levels.

August 24, 2020 / 08:16 AM IST
Last Week, benchmark indices ended with a gain of over a percent supported by the FIIs buying and renewed hopes of success in the development of a coronavirus vaccine.
Last Week, benchmark indices ended with a gain of over a percent supported by the FIIs buying and renewed hopes of success in the development of a coronavirus vaccine.
Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments | We have successfully closed above the 11,350 level. The trend continues to remain positive but trading will be at an important flux on Monday as we have the monthly expiry. We are all set to get to the 11,500 level but we must hold 11,100-11,200 as that would prove to be a crucial support range.
Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments | We have successfully closed above the 11,350 level. The trend continues to remain positive but trading will be at an important flux on Monday as we have the monthly expiry. We are all set to get to the 11,500 level but we must hold 11,100-11,200 as that would prove to be a crucial support range.
Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities | The next market trend would be determined by employment data and the discussion of economic support in the US. In the coming week, the Nifty would remain between 11,600 and 11,200 levels. The strategy should be to buy on dips. The Bank Nifty has performed well in the market over the past week and traders should consider adding bank stocks to our trading portfolio.
Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities | The next market trend would be determined by employment data and the discussion of economic support in the US. In the coming week, the Nifty would remain between 11,600 and 11,200 levels. The strategy should be to buy on dips. The Bank Nifty has performed well in the market over the past week and traders should consider adding bank stocks to our trading portfolio.
Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services | Going ahead, the market may continue its positive momentum in the near term driven by positive news flows around vaccine development and favourable policies. However, the volatility may continue in between given tepid economic data and lofty valuations. Technically too, the major trend is positive, Nifty requires to surpass recent swing highs of 11,460 for an up move towards 11,500-11,600 while the support exists at 11,200.
Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services | Going ahead, the market may continue its positive momentum in the near term driven by positive news flows around vaccine development and favourable policies. However, the volatility may continue in between given tepid economic data and lofty valuations. Technically too, the major trend is positive, Nifty requires to surpass recent swing highs of 11,460 for an up move towards 11,500-11,600 while the support exists at 11,200.
Nagaraj Shetti, Technical Research Analyst, HDFC Securities | The short term uptrend status remains positive. Friday's upside bounce could bring hopes for bulls to make a comeback. Nifty is expected to reach the upside levels of 11460-11500 levels by next week. Immediate support is placed at 11290.
Nagaraj Shetti, Technical Research Analyst, HDFC Securities | The short term uptrend status remains positive. Friday's upside bounce could bring hopes for bulls to make a comeback. Nifty is expected to reach the upside levels of 11460-11500 levels by next week. Immediate support is placed at 11290.
BSE_Sensex
Joseph Thomas, Head of Research - Emkay Wealth Management - The markets may be range-bound in the near term and the developments around the US-China relationship, trade or otherwise, would be of greater import to the direction of the markets.
Ajit Mishra, VP - Research, Religare Broking | In the coming week, the AGR dues payment hearing in SC and news related to India-China tension at LAC would remain on the participants’ radar. Also, updates related to COVID-19 will be closely watched. Amid all, we expect volatility to remain high due to scheduled F&O expiry of August month contracts. Nifty has failed to gain much in the last five weeks but the buying interest on every dip shows that bulls are not in the mood to give up easily. We advise continuing with the “buy on dips” approach till Nifty holds above 11,200. Apart from the global cues, the performance of the banking pack is also influencing the market tone these days as other sectors are in consolidation mode. We suggest preferring stocks from private banking, energy and FMCG space for fresh buying.
Ajit Mishra, VP - Research, Religare Broking | In the coming week, the AGR dues payment hearing in SC and news related to India-China tension at LAC would remain on the participants’ radar. Also, updates related to COVID-19 will be closely watched. Amid all, we expect volatility to remain high due to scheduled F&O expiry of August month contracts. Nifty has failed to gain much in the last five weeks but the buying interest on every dip shows that bulls are not in the mood to give up easily. We advise continuing with the “buy on dips” approach till Nifty holds above 11,200. Apart from the global cues, the performance of the banking pack is also influencing the market tone these days as other sectors are in consolidation mode. We suggest preferring stocks from private banking, energy and FMCG space for fresh buying.
Rakesh Patil
first published: Aug 24, 2020 08:16 am

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