Indian equity benchmarks Sensex and Nifty began Wednesday’s trade flat but slipped deep into the red minutes into the day’s trade. While the Sensex fell 0.30% to trade below 61,500, the Nifty was down 0.48% hovering around 18,300. Broader markets fared worse as the Nifty Midcap slipped over 2% while Smallcap slipped more than 3%. Mazhar Mohammad of Chartview India spoke to Money9 about what to expect from markets from here on.
“Reversal signs were visible yesterday but such signs were always bought into previously. Till the time critical supports like 18,350 are breached the momentum still seems intact. Investors must adopt a wait and watch mode”, he said.
The broader markets, he believes are at the receiving end. Investors must be ready for high volatility. High-risk takers only should participate.
Cholamandalam Finance | Buy | Target: 734 | Stop Loss: 700
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