Benchmark indices extended the opening losses with Nifty trading around 15650. The Sensex was down 308.87 points or 0.59% at 52244.53, and the Nifty was down 95.50 points or 0.61% at 15656.90. About 1069 shares have advanced, 1617 shares declined, and 93 shares are unchanged. Experts say 15,600 is the crucial support level, if that gets broken, one can see more selloff. Mehul Kothari of Anand Rathi spoke to Money9 to share investors strategy ahead of a market holiday.
“We were expecting markets correct one Nifty crosses 16,000 but the weakness across the globe is causing that earlier. We still believe if the Nifty manages to hold above 15,600, it can still rally towards 15,900 again”, he said.
On the truncated week, he believes that in the past we have benefitted from such breaks and markets may turn positive after a break of day.
On the Nifty Bank he said that despite the breakout, financials have not performed well, he believes one may see some more downside on the index.
“Investors however be selective of stocks as there is a sector rotation taking place”, he added.
Britannia | Buy | Target: 3530 | Stop Loss: 3400
BPCL | Buy | Target: 466 | Stop Loss: 444
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