Experts speak on levels ahead for markets:
Technical Analyst Mitesh Thacker believes unless the Nifty breaks 2,650 on a closing basis, it should remain in a range. “2,650 is a strong support. If that holds, we are in a range of 2,650–2,790. Otherwise, the market could see a retest of October lows.”
Meanwhile, Anand Tandon of Brics Securities said the direction of the markets seems to have reversed and is headed lower. “The index stocks which most fund managers are holding because of necessity of liquidity are reasonably over priced in the current context given the rest of the market.”
Technical Analyst Ashwani Gujral said one bastion after another is crumbling and the moment the banking index broke down that is the largest component of the Nifty or the Sensex. “Once 2,500-2,550 goes you will have more momentum on the downside. So, one will see a downward trend from here.”
Gujral said although the next target is 2,500-2,550, but given the way how rupee is moving, the way global markets are supporting a downtrend, the 2,500-2,550 levels will not hold up for more than 1-2 days and finally those levels will go.
Vijay Bhambwani of bsplindia.com believes that the longs are being surrendered now and the bulls are actually letting go up their positions, as a spectre of the sub 2,500 Nifty comes closer to reality.
Sosurce: Moneycontrol
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