Nifty has next support at 4240 and then it could head to 4120, says Mitesh Thakkar, technical analyst, on CNBC TV18. But midcap IT stocks could outperform and one can buy them on dips for the long term, he feels. Sugar also looks sweet for the short term, he adds. Go short on banking and metal stocks, he says.
It was a quiet day of trade today, the market saw some profit booking and closed weak. Sensex closed at 14809, down 225 points (provisional) and Nifty at 4394, down 64 points (provisional) from the previous close. CNX Midcap index was down 1.53% and BSE Smallcap index was down 0.51%. The market breadth was negative with advances at 446 against declines of 803 on the BSE
House View: We have had two 5% sell offs in China. Indian markets followed China on both the days but came back strongly.The Level of 4350 Nifty and 14700 sensex has been sucessfully defended on three occassions in past few days.We are taking a contra call,"the markets will ot breach these levels" and in fact selloff in China will benefit India will some fresh inflows. We expect to see 15800 4680 in next few days. This is a contra call to what all the marke tanalysts are saying.
Disclosures: No personal holdings
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