Home NewsStock Market News Nifty: Fearful and clueless! Worries over deeper sell-off keeping Nifty bulls on edge

Nifty: Fearful and clueless! Worries over deeper sell-off keeping Nifty bulls on edge

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Nifty: Fearful and clueless! Worries over deeper sell-off keeping Nifty bulls on edge


Signalling that the fragile economic situation worldwide is making bulls not only fearful but also clueless in the near term, the headline index Nifty ended higher by only 80 points this week. Market experts say traders are selling at regular intervals and any worrisome news could trigger a massive sell-off.

“Nifty has been stuck in a broader range for the last 15 trading sessions and has been witnessing increased volatility. We expect the market to remain subdued with downward pressure going forward as global headwinds remain a key overhang,” Siddhartha Khemka, Head – Retail Research ,

said.

The Sensex, which ended at 15,752.05 points, shot up by nearly 180 points during the week to end higher for the second consecutive week.

FMCG and metal stocks were among the top performers this week as the Nifty FMCG advanced by 2.7 per cent and Nifty Metal by 2.1 per cent.

Among Nifty stocks,

was the star performer this week as it went up by almost 7 per cent, followed by , L&T, and . On the other hand, , , and were among the top losers in the pack.

“The recent consolidation phase indicates caution, citing the recent fall in the global indices. We reiterate our view to focus on sectors/themes which are showing resilience and attracting buying interest on dips. We like auto and FMCG among the sectoral pack, while a rebound in energy and metal may continue to underperform. Participants should align the positions accordingly,” Ajit Mishra, VP – Research,

Broking. Yesha Shah, Head of Equity Research, Samco Securities, expects the market to remain volatile due to a slew of market-moving events next week. On the macroeconomic front, investors will be watching FOMC minutes to see where the economy is headed. Furthermore, global markets would be influenced by China’s inflation figures, which are due next week.

Technical Outlook Nagaraj Shetti, Technical Research Analyst,

Securities, said the short-term trend of the Nifty continues to be range-bound. “But Friday’s sharp upside recovery from the lows hints at the possibility of more upside for the market ahead. A sustainable upmove only above 15,900-15,950 levels could bring bulls back into the market, and that could possibly pull the Nifty towards the next upside levels of 16,200-16,300 levels quickly. Immediate support is placed at 15,630,” he said.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

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