Ashwani Gujral of ashwanigujral.com is of the belief if there is recovery in global markets overnight then Indian equity market could also open higher tomorrow but it is unlikely that there would be major rallies from here.
The bulls could not find their gear after the long weekend and continue do extend losses.
The 30-share BSE Sensex was down 300.16 points or 0.88 percent to close at 33,746.78 and the 50-share NSE Nifty closed below its crucial level of 10,400, falling 99.50 points or 0.95 percent to 10,358.90.
The bank stocks fared slightly better, losing three-tenth of a percent. The midcaps mirrored the benchmark indices. The IT stocks outperformed and the Nifty IT ended with gains of seven-tenth of a percent.
Ashwani Gujral of ashwanigujral.com is of the belief if there is recovery in global markets overnight then Indian equity market could also open higher tomorrow but it is unlikely that there would be major rallies from here. However, serious bounce backs would allow one to get into shorts again, he adds.
Some amount of choppiness could be seen for the Bank Nifty in between 24,800 and 25,050 zone and for Nifty 10,300 and 10,450 could act as intermediate range, says Gujral.
Other market experts S P Tulsian of sptulsian.com, Mitessh Thakkar of mitesshthakkar.com, Mayuresh Joshi, Fund Manager (PMS), Angel Broking Ltd and Neeraj Deewan, Director, Quantum Securities shared their views on specific stocks.
For full discussion, watch video
