Markets to consolidate amid volatile moves in expiry week: Nilesh Jain

Domestic equity markets began the day’s trade in the positive territory, recouping some losses from last week. S&P BSE Sensex opened above 55,700 but was soon down from highs but still in the green, gaining 0.53%. Nifty 50 was hovering around 16,550 levels, up 0.5%. Bank Nifty jumped 0.4% to trade above 35,100. Broader markets were sitting in the green. Nilesh Jain of Centrum Broking spoke to Money9 on whether markets could remain volatile in the current week.

“There is some short covering move in the market. 16,500 saw huge call writing on Friday. Immediate hurdle on the Nifty is placed at 16,600 and till the time that gets taken out, markets will remain in a consolidation index and we may see more volatility in the expiry week”, he said.

On the sectoral front, he believes, IT and Pharma need to be kept on investors’ radar which is seeing positive rotation.

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