A move back to the old resistance/now support at the 7,900-8,000 area in the short term should be seen as an attractive buying opportunity, says CLSA technical analyst Laurence Balanco
Nifty may see some fleeting short-term resistance, but there are no major hurdles going forward and it may touch 8700 levels soon, says Jai Bala of Cashthechaos.com.
The Nifty closed a shade below 7950 on Thursday, and technical analysts see resistance for the index in the 7950-8000 zone. The Sensex too is looking strong on the charts, having closed above 26000
Amit Gupta of ICICI Direct says the Nifty can see levels of 8000 very soon.
The current correction could be a dip one but it is still a correction in the bull market and so please do not get out of blue chips stocks, says Sudarshan Sukhani.
The correction today underlines the market weakness and while long-term investors could start nibbling, short-term traders should be cautious about being long, says Dr CK Narayan of Growth Avenues.
Analysts were hoping the Nifty would successfully defend the 8,000 mark, something that it had done during previous corrections. What's the way forward now?
In an interview to CNBC-TV18, market experts Anand Tandon; Devang Mehta of Anand Rathi Financial Services and Siddharth Bhamre, Angel Broking share their views on the market and their outlook for the upcoming days.
Parag Thakkar, Head- Sales, HDFC Securities says the time is right to buy banking stocks on dips.