Expect Nifty bank to remain lacklustre, says Motilal Oswal’s Jay Purohit

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Benchmark indices were trading flat in volatile early trade. The Sensex was down 56.48 points or 0.11% at 52,262, and the Nifty was trading with an 11.4 points or 0.07% loss at 15,668. Even though the market is in a consolidation phase, it is favouring the advances. About 1,669 shares have advanced, 935 shares declined, and 106 shares were unchanged.

“Even though from the last four trading sessions the charts are indicating bearish candles, the trade still seems intact till the time Nifty holds above 15,400,” Jay Purohit of Motilal Oswal Financial Services told Money9.

He believes that till the time the Nifty doesn’t give a breakout on either side, the stock-specific action will continue.

Among sectors, he said, “Expect Nifty bank to remain lacklustre, but pharma index is showing positive traction. The space should be on investors radar. Also, speciality chemicals will continue to see momentum in stocks like Alkyl Amines, Vinati Organics”

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