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Slideshow | Stay cautions, volatility likely to continue: Experts

Here are expert views on the market for this week

August 03, 2020 / 07:59 AM IST
BSE_Sensex_Stocks_market
Last week, market broke its winning streak of six weeks as investors booked profits on the back of mixed global and domestic data. BSE Sensex fell 522.01 points, or 1.3 percent, to close at 37,606.89, while Nifty50 shed 120.65 points, or 1 percent, to end at 11,073.5 levels.
Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments | We closed within the range of 11000-11100 which means markets are still rangebound and do not have a definite direction. We should go past either level in the coming week which will result in a one way move of at least 200 points. Until then it would be a wait and watch the situation.
Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments | We closed within the range of 11000-11100 which means markets are still rangebound and do not have a definite direction. We should go past either level in the coming week which will result in a one way move of at least 200 points. Until then it would be a wait and watch the situation.
Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities | While global markets were mixed, domestic indices showed bouts of volatile spell due to weakness in technology stocks even as financial stocks gained strength. On Monday, 11150 would serve as a major resistance and 11030 as major support. The Nifty could go down to 10900, below the 11030 levels. If the 11150 level at the top is dismissed, the market may go up to 11250 levels.
Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities | While global markets were mixed, domestic indices showed bouts of volatile spell due to weakness in technology stocks even as financial stocks gained strength. On Monday, 11150 would serve as a major resistance and 11030 as major support. The Nifty could go down to 10900, below the 11030 levels. If the 11150 level at the top is dismissed, the market may go up to 11250 levels.
Nagaraj Shetti, Technical Research Analyst, HDFC Securities | The short term trend of Nifty is slightly negative amidst a range movement. Important lower supports to be watched for the resumption of downtrend is at 11000 levels. The overall pattern signal a possibility of upside bounce from here or from the lows. Immediate resistance for the next week is placed around 11300-11350.
Nagaraj Shetti, Technical Research Analyst, HDFC Securities | The short term trend of Nifty is slightly negative amidst a range movement. Important lower supports to be watched for the resumption of downtrend is at 11000 levels. The overall pattern signal a possibility of upside bounce from here or from the lows. Immediate resistance for the next week is placed around 11300-11350.
Ajit Mishra, VP Research, Religare Broking | Going forward, markets would react to the auto sales numbers. On the event front, they would also be keeping a close watch on the RBI monetary policy scheduled next week. We reiterate our cautious view on the market and suggest keeping the leveraged positions hedged. Nifty couldn’t surpass the hurdle at 11,350 last week while the downside also remained capped. Going ahead, we feel it may continue to hover within 10,950-11,350 zone and either side break would trigger the further directional move. Meanwhile, traders should focus on stock selection and managing overnight risk.
Ajit Mishra, VP Research, Religare Broking | Going forward, markets would react to the auto sales numbers. On the event front, they would also be keeping a close watch on the RBI monetary policy scheduled next week. We reiterate our cautious view on the market and suggest keeping the leveraged positions hedged. Nifty couldn’t surpass the hurdle at 11,350 last week while the downside also remained capped. Going ahead, we feel it may continue to hover within 10,950-11,350 zone and either side break would trigger the further directional move. Meanwhile, traders should focus on stock selection and managing overnight risk.
Sensex_Nifty
Shabbir Kayyumi, Head of Technical Research at Narnolia Financial Advisors | Nifty was trading lower throughout the last week, but the pattern of higher high and higher low formations on weekly basis is still maintained indicating correction leg is in progress and it needs confirmation of closing above 5 DMA for stop and reverse pattern to buy. Intermittent correction and bounce back is a healthy sign for our markets as it allows cooling of momentum oscillators and helps bulls regaining strength. However one needs to be cautious on a decisive move below 10800 which will be an early sign of trend reversal. The current correction can extend to 20 DMA placed around 10950 and lower towards crucial support zone standing near 10800 marks.
Vinod Nair, Head of Research at Geojit Financial Services | Markets seem to be in a consolidation mode with momentum slowing down in the last couple of sessions. This trend is expected to stay since the uncertainties continue and volatility remains high. Investors are advised to remain cautious and accumulate quality stocks in this uncertain environment.
Vinod Nair, Head of Research at Geojit Financial Services | Markets seem to be in a consolidation mode with momentum slowing down in the last couple of sessions. This trend is expected to stay since the uncertainties continue and volatility remains high. Investors are advised to remain cautious and accumulate quality stocks in this uncertain environment.
Jimeet Modi, Founder & CEO Samco Group | Nifty50 posted a red weekly candle after rallying for six weeks consecutively. The index is overbought in the short term and may witness a profit-booking move led by weakness in heavyweights like RIL and HDFC Bank. The trend for the Bank Nifty index is already weak and consolidating in a range since the last four weeks. Selling pressure in Nifty50 at higher levels and weakness in Bank Nifty is likely to drag the benchmark indices lower. We maintain a bearish outlook going ahead and believe a retest of 10600 is a possibility within a couple of weeks.
Jimeet Modi, Founder & CEO Samco Group | Nifty50 posted a red weekly candle after rallying for six weeks consecutively. The index is overbought in the short term and may witness a profit-booking move led by weakness in heavyweights like RIL and HDFC Bank. The trend for the Bank Nifty index is already weak and consolidating in a range since the last four weeks. Selling pressure in Nifty50 at higher levels and weakness in Bank Nifty is likely to drag the benchmark indices lower. We maintain a bearish outlook going ahead and believe a retest of 10600 is a possibility within a couple of weeks.
Rakesh Patil
first published: Aug 3, 2020 07:59 am

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