Gautam Shah of Goldilocks Research believes this correction is going be 'unlike anything we may have seen in the recent past', especially after the rebound from Covid-19 lows. "This is not a 'garden variety' correction," he said.
Gautam Shah said that the Indian market is in a "short-term downtrend".
The two-wheeler maker has rallied by over 23 percent so far in 2021 and around 50 percent since June 1, 2020. What are the next levels to watch? Read on to know
“There are new leaders emerging; in the past, it was HDFC Bank and Kotaks’ of the world, but they have underperformed and ICICI Bank and SBI have taken over a trend which I see continuing over months to come,” said Gautam Shah.
My working target for the midcap index is about 27000. So use it as an opportunity to top up. I think there isn't much downside there, says Shah.
A lot of midcaps have corrected significantly in the recent market fall. I think there is a great opportunity in the mid and smallcap segments if someone has a timeframe of 3-5 years.
For the medium term we remain extremely positive on markets and by the end of 2017, we might scale another milestone in the form of 11,000 marks.
The Indian market has already registered a 10 percent rally so far in the year 2017 and about 15 percent from the December low of 7,900.
Gautam Shah of JM Financial feels investors currently have no reasons to book profits. He has also set a near term target of 9,500 for the Nifty in 4-6 weeks and remains upbeat on power and capital goods indices
The 50-share Nifty has had a phenomenal rally over the last eight weeks but Gautam Shah, Associate Director & Technical Analyst at JM Financial feels “markets are now at a major inflection pointâ€. He sees little possibility of indices hitting life time highs in the current run.
The market has not yet reached a point where it looks “significantly overboughtâ€, says Gautam Shah, Associate Director & Technical Analyst at JM Financial. Shah believes there is still some juice left in the rally.
The year 2017 seems to have brought cheer in the market with its participants singing what a beautiful world, says Gautam Shah of JM Financial. He expects Nifty to scale to about 8500 level.
Sharing his take on the markets with CNBC-TV18 Gautam Shah, Associate Director & Technical Analyst says, “There is no evidence on charts to suggest the market has bottomed out.†He expects Nifty to tread lower once it hits 8,350-8,400.
The ongoing market correction could continue for few more weeks but too much downside from current levels is unlikely, feels Gautam Shah, Associate Director & Technical Analyst at JM Financial.
Gautam Shah of JM Financial is of the view that one may see 5-7 percent upside in capital goods stocks.
Gautam Shah of JM Financial is of the view that one may look at cement space.
According to Gautam Shah of JM Financial, one may avoid IT space.
Gautam Shah of JM Financial is of the view that banking and auto stocks are favourite picks.
Bulls will have to work very hard from here on to reach the 9100 mark on the Nifty and 8680 will be a good stop-loss for Nifty traders, says Gautam Shah of JM Financial.
Some analysts believe that the market's negative reaction to recent events in the IT space may be overdone.
A top technical analyst who had correctly forecast the recent move and recently said the market was in the midst of a 'raging bull run' believes the rally has more legs to go.
Keeping in mind that US VIX jumped substantially late last week and since the market has important events to look forward to, a deeper pullback down close to 8,000 is also possible in the current scheme of things, Shah says.
Gautam Shah of JM Financial says he does not have a set-up yet to suggest a big pullback could play out. The Bank Nifty could see some pullback from the 18000-18200 zone, according to him.
Shah feels the level, 7,700, is critical and till the index sustains above it on a closing basis one should buy the dips.
Gautam Shah of JM Financial says he remains of the view that unless 7,780 and 7,700 break on a closing basis the trend shall remain up. He continues to expect the index to re-test 8,000, take it out and move onwards to 8,150 levels.