After kicking off the session with a sharp gap-down , domestic markets recovered some losses amid buying in FMCG and IT stocks. Metals and financials were among the worst drags in opening session. Broader markets, too, slipped in early trade, underperforming benchmarks. Nilesh Jain of Centrum Broking spoke to Money9 on whether this indicates a deeper correction is on the way.
"The underlying bullish trend remains in the markets as the after the sharp gap-down we did see markets recover which is a strong sign of bullishness. After the sudden sharp Nifty rally, slight correction is welcome and is warranted so don't see a deeper correction coming, for now the Nifty may see some consolidation and remain in a range of 17,300 to 17,800. One the Nifty crosses 17,800, we can expect 18,000 to hit soon"
As a strategy for investors, he believes one should however focus on selecting specific stock and invest selectively in the current markets.
After kicking off the session with a sharp gap-down , domestic markets recovered some losses amid buying in FMCG and IT stocks. Metals and financials were among the worst drags in opening session. Broader markets, too, slipped in early trade, underperforming benchmarks. Nilesh Jain of Centrum Broking spoke to Money9 on whether this indicates a deeper correction is on the way.
“The underlying bullish trend remains in the markets as the after the sharp gap-down we did see markets recover which is a strong sign of bullishness. After the sudden sharp Nifty rally, slight correction is welcome and is warranted so don’t see a deeper correction coming, for now the Nifty may see some consolidation and remain in a range of 17,300 to 17,800. One the Nifty crosses 17,800, we can expect 18,000 to hit soon”
As a strategy for investors, he believes one should however focus on selecting specific stock and invest selectively in the current markets.
Watch May 29, 2024