There is comfort in consumer names, IT, Pharma, agri, cement, which will do well over the next 2-3 years, said Manish Sonthalia Motilal Oswal AMC.
The medium-term story on India has not changed despite a 10 percent kind of fall from highs and is reasonably intact. It is one of the fastest growing large economies in the world.
Volatile times in the market could continue even as mutual fund inflows keep coming, says an expert.
With unlikely directional visibility, we continue to maintain a rangebound trade for the upcoming session at 10,420 levels on upside and 10,095 levels on the downside.
"The Nifty has taken support around its major moving average of 200 SMA i.e. 10,160 levels which might work as strong support zone in near term. Sustenance trade below 10140 marks may drag Index further lower till 9,900-10,000 zones," says Rajesh Agarwal of AUM Capital.
“Nifty is likely to remain range bound in the price band of 10,290 to 10,140 with the 200 daily EMA placed around 10,110,” says Jaydeb Dey, Technical Analyst at at Stewart & Mackertich Wealth Management Ltd.
The volatility is expected to continue for the rest of the year given that we are heading into a very heavy election calendar and there is uncertainty on that front, Gautam Duggad Head-Research, Institutional Equities, MoSL.
It would be prudent for investors to adopt a stock and sector-specific approach where growth is visible, he said.
In an interview with CNBC-TV18, Lalit Nambiar of UTI MF, spoke about his reading and fundamental view on the market.
Meanwhile, the political noise around state elections too could keep the market up on its feet, Vikas Khemani believes.
Overall, the market will move in-line with earnings and for 2018-19 the earnings are expected to be around 15 percent, Andrew Holland, CEO, Avendus Capital Alternate Strategies.
In an interview to CNBC-TV18, Ganeshram Jayaraman, Spark Capital Advisors shared his readings and outlook on the market, specific stocks and sectors.
Overall, we expect markets to consolidate between broad range of 10,240-10,520 levels for few sessions before giving any fresh breakout on either side.
Nifty and Bank Nifty both continue to remain in the Lower Top Lower Bottom structure. Nifty is precariously poised above the 200-DMA of 10,100 while Bank Nifty too is managing to currently hold above its yearly mean of 24,500.
"Till Nifty holds 10,350 levels decisively, bounce back from lower levels cannot be ruled out and on higher end stiff hurdle seen around 10,490 mark," says Rajesh Agarwal of AUM Capital.
"We prefer being cautious on rise given the fact that Nifty is still unable to breakout the 30 daily EMA. Below 10,330, next support is placed around 10,290," says Jaydeb Dey, Technical Analyst at Stewart & Mackertich Wealth Management Ltd.
We go back to being a normal boring market rather than either a very bad market or a very good market, said Samir Arora, Founder & Fund Manager, Helios Capital.
The resumption of upward move could be backed by frontline stories and some midcaps, says Dilip Bhat of Prabhudas Lilladher.
In an interview with CNBC-TV18, Rahul Arora, CEO of Nirmal Bang Institutional Equities, spoke about his reading and perspective on Indian food sector.
LTCG tax has blunted the edge of equities as compared to last year; however, from a growth perspective, equities should be able to perform better than other asset classes, which ideally should ensure the inflows into equity continue, Ashish Ranawade, Chief Investment Officer (CIO) of Union Asset Management Company Private Limited, said in an interview to Moneycontrol's Kshitij Anand.
Stressing on the low base effect of demonetisation and GST rollout, Vora said that it needs to be seen whether the earnings will sustain post October-November period.
The pull-back indicates a bit of respite from oversold territory and that has to be considered with a bit of skepticism.
"The index has to cross 10490 levels decisively to move higher and if it fails to cross this level, weakness could be seen towards 10290 and 10150 levels," says Rajesh Agarwal of AUM Capital.
Some stability in the global market, non-redemption in MF and availability of market at bargaining price can provide some support to the domestic market in the near-term.
Nothing has changed in the equity markets. We had wonderful three years so we have to give in reversion to mean, said Raamdeo Agrawal, Co-Founder, Motilal Oswal Financial Services.