Nifty Unlikely to Cross 10K in Hurry; Corporate Earnings Need to Grow Fast: Pros
21st Jul, 2017
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Ashwani Gujral of ashwanigujral.com market is likely to remain choppy for next few sessions till we are comfortably beyond 9950 on Nifty. So, it is not still clear if 10000 on Nifty will be taken out in a hurry. However, once 10,000 is taken out then the rally may continue for another 200 points.
Equity benchmarks closed higher after volatility seen in the second half of session. The 30-share BSE Sensex was up 124.49 points at 32,028.89 and the 50-share NSE Nifty gained 41.95 points at 9,915.25.
Mitessh Thakkar of mitesshthakkar.com says the fact that Bank Nifty closed higher, may help Nifty get past 9920-9930 zone, which could then lead to a movement closer to 10,000 on Nifty on Monday or Tuesday. So look at if Nifty is going to 9975-9990 zone and then see if there is strength enough to get past 10K, if not then cut your longs and wait for dip before going long again.
Sampath Reddy of Bajaj Allianz Life Insurance Company says the valuations in the market are on the higher side and if one has to make money from hereon then corporate earnings need to recovery and grow faster.
At current valuations, IT looks attractive and most of the headwinds seem to be priced-in. Consumer space also looks good even though valuations are high, says Reddy, adding that private banks and NBFCs is another space that looks poised for good growth.
Dipan Mehta of Member BSE & NSE speaking about housing finance space says they still remain a buying opportunity on corrections, especially for investors are underweight in that segment because they are secular growth stories. Moreover, as the real estate sector starts to pick up they will see more volume growth. He advises being cautious on the midcap space although pharma he thinks is coming back into the buying zone in terms of valuations.
SP Tulsian of sptulsian.com in detail spoke about the RIL AGM outcome and the impact on the stock price.
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