Trends on SGX Nifty indicate a flat to negative opening for the broader index in India, a fall of 19 points or 0.18 percent. Nifty futures were trading around 10,794-level on the Singaporean Exchange.
"There has been a sharp upside bounce in Nifty in the last three weeks, but this is going to be a temporary trading bounce"
The market breadth was in favour of the declines with 765 stocks advancing while 939 declined and 315 remained unchanged. On the other hand, in the BSE, 1199 stocks advanced and 1406 declined and 151 remained unchanged.
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The scrip of Jindal Steel & Power went down by 2.32 per cent, Essar Shipping lost 2 per cent and Videocon Industries fell by 1.82 per cent on BSE.
The company may soon be out of SMA-2 category that it was placed under after its debt remained unpaid for more than 60 days.
On the BSE Index, over 100 stocks hit fresh 52-week high including names like Bata India, TVS Motor Company, Dabur India, Deepak Fertilizers, Kolte Patil Developers and Chambal Fertilizers.
Investors are advised to stay with quality stocks and avoid leverage play at current levels especially when there is lingering concerns of growth and valuations have already ballooned to levels which most experts might call it stretched if earnings growth failed to pick up.
Ashwani Gujral of ashwanigujral.com recommends buying RCF, Future Consumer, L&T Finance Holdings, Bharat Petroleum Corporation and M&M Financial Services.
Ashwani Gujral of ashwanigujral.com is of the view that one can buy BASF and Edelweiss Financial Services and can sell Jindal Steel & Power.
Ashwani Gujral of ashwanigujral.com suggests buying NMDC, Jindal Steel & Power and Oil and Natural Gas Corporation.
Ashish Kyal of Waves Strategy Advisors is of the view that one may buy Biocon with a target of Rs 418.
Ashwani Gujral of ashwanigujral.com recommends buying Bajaj Finance, Adani Power and Jindal Steel & Power.
Yogesh Mehta, Associate Vice President at Motilal Oswal recommends buying ICICI Bank, Indiabulls Housing Finance and Tata Steel.
Ashwani Gujral of ashwanigujral.com recommends buying Vedanta, Tata Steel and Eicher Motors.
Ashwani Gujral of ashwanigujral.com recommends buying Jindal Steel & Power, Escorts and LIC Housing Finance.
Ashwani Gujral of ashwanigujral.com recommends selling ITC on rallies and advises buying Vedanta, JSPL, Ashok Leyland, Hindustan Unilever and Chambal Fertiliser.
Ashwani Gujral of ashwanigujral.com advises buying Vedanta, HSIL and Brigade Enterprises.
Any fall below 9,560 would cause a downside shift continuation in the orbit.
Prakash Gaba of prakashgaba.com is of the view that Nifty has support at 9590 and resistance at 9713 while Bank Nifty has support at 23300 and resistance at 23600.