Modi 2.0: After markets skyrocket, this is what happened; expert airs view
Mustafa Nadeem, CEO, Epic Research said, "At this point, Market is trading at 11900 - 11880 and one should utilize these dips for a potential upside to 11150 in coming or rest of the trading session."
After the wild ride on Dalal Street that took benchmark indices Sensex and Nifty to all-time highs, they took a breather in the second half of Thursday's trading session. Notably, it was just a few hours ago, when Sensex raced past the 40,000-mark for the first time in its history, by earmarking an all-time high of 40,124.96 points. Similarly, even Nifty 50 hiccuped after notching a record at 12,000-mark - it clocked a 52-week high of 12,041.15 in early hours.
Talking about the second half market session, Mustafa Nadeem, CEO, Epic Research said, "Indian equity market as expected touched the historical figure of 12041 and made a new all-time high."
According to Nadeem, investors are now profit booking. He says, "At the same time, we see there is some profit booking that is coming in at higher levels."
Nadeem also said, "The derivatives data that was pointing the range to be 12100 - 11500 stands firm at this point of time. There is long built up we have seen been added to 12100 - 12200 while writing is seen at 11800 - 11700 levels. This indicates the downside is limited to these numbers while we may continue to see some expansion on the upside."
Elaborating his point about Nifty, Nadeem added, "At this point, Market is trading at 11900 - 11880 and one should utilize these dips for a potential upside to 11150 in coming or rest of the trading session."
On the other hand, Amit Gupta, Co –Founder and CEO, TradingBells said, "Indian domestic markets surged to record highs this morning as Nifty crossed 12,000 and Sensex crossed 40,000 for the first time ever on the back of early indications that NDA might secure a majority in the Lok Sabha Election results today. The markets have retracted a bit since then as we saw some profit booking at higher levels and Nifty is currently trading at 11,840."
Gupta says, "The question has now moved from whether NDA secures a majority, to whether BJP secures a majority by itself on a standalone basis. If that happens, we can see further upward movements by end of day today and also tomorrow. Once we get clarity of the next cabinet, we can see Nifty crossing even 12,200 over the next couple of sessions."
At around 1314 hours, the Sensex was trading at 39,430.69 up by 320.48 points or 0.82%. While, the Nifty 50 was performing at 11,842.40 above 104.50 points or 0.89%.
On Nifty, gainers list was led by Adani Ports at Rs 416.65 per piece up by 7.95%, followed by Yes Bank, IndusInd Bank and BPCL up between 4% to 5%.