A gap is visible on the technical chart when the price moves sharply either up or down. The gap witnessed last week on Monday was a breakaway gap which usually occurs at the end of the price pattern and signals a new trend or a beginning.
Auto stocks topped the gainers list on both the indices, while Sun Pharma, NTPC and Idea Cellular were a drag. Market breadth points to selling pressure seen on the indices.
The market on Tuesday closed higher. The Nifty ended above 8900 for the first time since September 2016, while the midcap index closed at a record closing high. Markets in US and Europe also closed at record highs, which could see some impact on the Street here.
Sharing his take on the markets with CNBC-TV18 Gautam Shah, Associate Director & Technical Analyst says, â€œThere is no evidence on charts to suggest the market has bottomed out.â€ He expects Nifty to tread lower once it hits 8,350-8,400.
Midcaps rose about 22 percent on average last year. But for a lot of investors, it wouldn't felt like a bull market.
The multi-year bull run is an opportunity which investors should not miss, says BP Singh of Pramerica Mutual Fund. The interest rates are going to come down, and equity is the only option to make money he said in an interview adding that volatility will be very high.
Jim Walker places India high up in his conviction list saying Indian equities will see unprecedented growth in next 5-10 years.
Watch the interview of Aashish Tater of fortune-wizard.com with Latha Venkatesh and Sonia Shenoy on CNBC-TV18, in which he shared his reading and outlook on market and specific stocks.
On the road ahead, Damani says the next trigger will be the central bank‘s easing of policy rates. He believes even if the RBI cuts rates by 25 basis points (bps), it would cheer the Dalal Street immensely.
Dipen Sheth says what would matter most from a sentiment perspective for another three-six months would be the progress of the monsoon and how it will play out on rural India.
Devang Mehta, senior vice president & head-equity advisory, Anand Rathi Financial Services believes the market‘s bull run is resuming again now.
According to Gautam Trivedi, MD & CEO, Religare Capital Markets, the Indian market is in a five-year structural bull run on the back of the Modi government, which may get extended if the BJP comes back to power.
According to independent market expert Ratnesh Kumar, the current consolidation is because the earnings are not justifying valuations. He sees another 5-10 percent downside but remains constructive on market and believes in India story.
Shah says India's fortunes are largely linked to its infrastructure development. However, he feels private investment in infrastructure could take time to revive, and so it is important that public spending takes off in a big way
Market veterans Ramesh Damani, N Jayakumar and Raamdeo Agarwal had a special discussion on the sidelines of the Economic Forum for India at LSE and tried to gauge the direction of the Indian bull market.
On crude oil price fall, Lalit Nambiar, fund manager at UTI Mutual Fund says it is a good opportunity for India Inc. From a stock perspective, he adds that the oil price fall won‘t have a major impact considering it wasn‘t taken into account even six months ago.
Acchhe din for equity markets have just begun and the bull run is likely to continue in 2015 say some of the most influential market experts.
Dilip Bhat says the demand and interest in midcap stocks is rather good. With the way the frontline stocks have moved up, everyone is looking for good value, he adds. According to him, since the market is in a multi-year bull run, midcaps will do well, especially on a long-term basis.
According to him, the market has had a dream run that has come to an end. Meanwhile, he advises investors to buy on dips.
The markets are back on a steroid-run and the rally has more legs, says Arshad Zakaria of New Vernon Capital. Zakaria is one of the most influential voices and he has served as the executive of Merrill Lynch. In an exclusive conversation with CNBC-TV18‘s Latha Venkatesh, he explained why sky is the limit for Indian equities.
Sanju Verma, CEO at Violet Arc Global Managers expects consolidation in the market to continue through November, but doesn't expect it to correct in a big way.
He is also bullish on pharma and autos and expects them to do well among midcaps.
Trader Atul Suri is bullish on stocks, and sees weakening commodity prices to lift the market to new highs shortly. In an interview with CNBC-TV18, Suri says the bull run in global equity markets is an encouraging signs.
At present, Indian equities are seeing a technical bounce due to lower stock prices. Chakraborty desists from calling the current rally a bull run saying the real one will begin after the elections.
In a conversation to Prabhat Awasthi, MD & Head - Eq Research, Nomura India, Raamdeo Agrawal, Jt MD, Motilal Oswal Fin Services explains what are the best techniques to invest in a market like India.