New Delhi: Markets are likely to consolidate next week, say market men. They say that the panic is over and the bullish undertone is still intact.
According to them, the key level to watch out on the upside is 11,300. They also believe that markets are technically strong and that it would not go below 10,500 and 10,550.
Vijay Bhambwani, Technical Analyst: Opening should be close to 10,809
On Monday, the opening should be near about today’s close. There is expected to be profit taking at higher levels. The closer we get to 11,250, the more profit taking we will see. The panic is almost done and I don’t think we will see a repeat of the previous week.
On the Nifty we need to watch 3260 level on the upside for resistance in the coming week. At the lower level, 3107 should be watched as the support.
Sumit Rohra, Antique Stock Broking: Markets are definitely headed up
Markets are looking bullish. Markets are definitely headed up. We had such a fantastic close on Friday after a Black Monday. The sanity has come to equity markets globally. India would outperform all the emerging markets with US. Markets are very light and technically strong.
Midcaps to outperform the large caps
Overall the broad theme is that midcaps will outperform the large caps. The bounce will come very strongly in midcaps. All world markets have been oversold and now they are all bouncing back. Overseas markets will pull the markets up. Global cues would be positive. Monsoons, these are the triggers.
Key level to watch out for on the upside is 11,300
The key levels to watch out for on the upside will be 11,300. On the immediate term 11051 is one small hurdle and after which we are looking at 11,300 and after that it will be 12,230. On the lower side I don’t see the market going below 10,500 and 10,550. A very immediate point would be 10,730 and markets will not break 10,500.
Sachin Chavan, Technical Analyst: Markets are likely to consolidate next week
Over the next week I expect a consolidation and the positive trigger will be the news of the monsoon.
On the Nifty 3350 is an important level
On the Nifty 3350 is an important level. If Nifty crosses that in the next week then one can see sustained buying coming in. On the downside the supports are 2,900-2,800 and for the Sensex the support level is 9800-9400.
Shankar Sharma of First Global: Pain is by and large over
I do not think there is more pain left. Most of the pain has been endured particularly on Monday. There is going to be signs of a new bull trend. But I would like to be very clear on the issue that the pain is by and large over a few stocks might see a 5-10% downside from here.
PAGE_BREAK
Fund flows don’t determine the market moves
I am not at all a believer in the fact that fund flows determine the market moves. If we see this week, the foreigners have sold less than what mutual funds have bought. Yet the markets are off quite a bit. That is a very low-end analysis, in my opinion, that if the foreign money comes in, the markets will go up. I don’t tend to regard that as anything significant.
Mkt unlikely to slip to 9K
It would surprise me if it were to hit 9000. The other thing is that we are fairly okay on global equities as an asset class. So we don’t think global equities are over. They were over extended in emerging markets. They have sold off and they will come back. I think we are pretty much done with this round of pain and we will wait for the next round of pain.
The highs could be reclaimed at the end of June
Everything is in a fast forward mode or fast rewind mode. Let us be optimist and we could reclaim it at the end of June.
Pashupati Advani of Advani OTC Dealers
There is still some nervousness in the market
There is still some nervousness in the markets because a lot of emerging markets have come down. Interest rates have gone up. People are un-leveraging their positions. So I am not very bullish. Though the market is looking good going into next week, I would still be cautious.
We are going to hit 10,000 again
We are going to hit 10,000 again. Psychologically I see a lot of buying interest at that level. Once you go back to four digits, you are going to have a lot of interest coming back in. I think that is actually is what will fuel it. This new money that is coming in is not coming just for 3% and 5%, it is coming for the 12,500 or the 15,000 levels that people are talking about over the next three years.
Comments
0 comment