Nifty may correct 200-300 points from current levels: Mehul Kothari

Domestic markets opened in the green on Tuesday but soon erased gains to trade with losses. S&P BSE Sensex slipped below 58,200 levels in early trade while the Nifty 50 was nearing 17,350. Bank Nifty underperformed the major indices, falling below 36,500 levels. Mehul Kothari of Anand Rathi spoke to money9 on the way markets are poised to move from here.

“The stock markets may consolidate now. The Nifty unless it crosses over 17,500 may remain in a range or even correct 200-300 points from current levels. The buying in highly concentrated and overall breadth was not very bullish”, he said.

On the Nifty bank, he believes the index has underperformed and disappointed again. In fact, he believes the Nifty Bank is headed lower to 35,000-35,500.

On his preferred sectors he believes on can scout for trading opportunities in metals and realty for now.

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