Markets may remain choppy, focus on select momentum sectors: Arpit Beriwal, MOFSL

Indian benchmark share indices Sensex, Nifty opened with a  gap down amid weak global cues extending losses in early trade. The broader NSE Nifty slipped below 17,500, while the 30-share BSE index gave up the 59,000 mark. It was a broad based sell off on Friday morning where Nifty bank, broader markets and all sectors were seen trading in the red. Arpit Beriwal of Motilal Oswal Financial Services spoke to Money9 on what this could mean for markets going forward.

“The market sentiment seems to be weak on the back of the global cues. Expect some more volatility to continue although 17,350 is the critical support for the Nifty while 17,777 is the immediate resistance. On the nifty Bank, although it has given a break out one is seeing very stock specific counters. Till the index holds 36,750 on the closing basis, higher levels cannot be ruled out”, he said.

Stock Recommendations

United Spirits | Buy | Target: 920 | Stop Loss: 810

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