Prakash Diwan of Altamount Capital Management believes the market is poised to have a lot of Options activity going into December
The markets ended the week on a positive note with both the indices rising one percent. The midcap index clocked a record high just 16 points shy of 20,000 mark.
The Nifty breached 10,400 level intraday but ended 11 points below that level. The Sensex saw mild gains of about three tenths of a percent.
The Sensex closed higher by 91.16 points at 33679.24, while the Nifty was up 40.90 points at 10389.70.
The Nifty reaching 10,400 and going back cannot be called a breakout, says Ashwani Gujral of ashwanigujral.com because breakouts usually happen with great flourish and those are the ones which last.
However, as long as 10,250 is held, one could say at least the correction is behind us. Also the broader market is performing well. Currently, tech seems to be taking the slack that the Bank Nifty has. All rallies, which don’t have banks involved are generally short-lived, says Gujral.
Mitessh Thakkar of mitesshthakkar.com says for the entire week the market has been choppy and mildly upward drifting but not a breakout. So we could slowly drift towards 10450-10480 sometime next week, unless we break below 10,300.
Prakash Diwan of Altamount Capital Management believes the market is poised to have a lot of Options activity going into December. Moreover, it is a truncated month, so one will see lot of new positons build, but very selectively and lot of existing positions getting extinguished. The market may get into softer zone for the next week and get ready for volatility in December.
Prakash Gaba of prakashgaba.com says Sensex has closed better than Nifty and Nifty better than Bank Nifty, so looks like no sign of weakness and as long as 10,300 holds on Nifty, the upside is on.
Pankaj Pandey, Head-Research, ICICI Direct and Prasanth Prabhakaran, Sr President & CEO, YES Securities along with other experts shared some interesting stock ideas.
