Market Future India - Free Share Market tips, Trading Tips, Today's Market Analysis Report

Market Future India - Free Share Market tips, Trading Tips, Today's Market Analysis Report

Bad news won't deeply cut consolidating mkt: Experts
It was an uneventful trading day on Dalal Street today. Upbeat European markets helped the Nifty cut back losses and close trade in the green. However, key events like an emergency cabinet session in Greece, Italy PM's confidence vote and the meeting of European Union finance ministers kept traders on their toes throughout trade today. The Sensex shut shop up 6.92 points at 17,569.53 while the Nifty rose just 5.15 points to end at 5,289.35.

The next big question is if we catch up to the 5300 mark soon and analysts are extremely positive we can. Even though hiccups may arise both domestically and globally, experts say that most adverse news has already been discounted by the market. “Any fresh adverse news will be unable to push the market much below current levels,” believes Ambareesh Baliga of Way2Wealth Securities, adding that the maximum downside for the market is around 5200-5250.

Going into the peak end of the calendar year, Baliga says that the market has created a new range between 5,200 to about 5,550-5,600. However, for the month of November, he thinks 5400 will act as a resistance. “But we should be able to cross that and move towards 5,600 towards the end of the year,” he adds.

Portfolio manager PN Vijay is also of the same view. He believes that even though we are in a consolidation phase, decent news like ECB’s bond issue money falling in place and actually coming into Greece could actually trigger a big upside. “I think we have reached a stage in this market where the macros have got discounted. So I think this is a consolidating phase with a potential to go higher,” he explained on CNBC-TV18.

On a more short term view, Sudarshan Sukhani of Technical Trends.com strongly advocates identifying dips and buying into positions then. “If we don’t breakout on either side of this trading range, there is no way of saying what will happen in the near future,” he said.