Expect Markets To Respect 8,500 on the Nifty, Says Gaurav Bissa 

The Nifty is trading near 16 month highs with volatility hitting historic lows. But with Parliament approving the GST (Goods and Services Tax) Constitutional Amendment Bill and the Reserve Bank of India maintaining status quo on interest rates, Indian equity markets may face a dearth of triggers in the near term. Where do markets go from here? Gaurav Bissa, Derivatives Analyst at LKP Securities anticipates consolidation over the next seven to eight trading sessions. Bissa expects markets to respect the 8,500 level but also sees a near term resistance at 8,800 for the Nifty.

On the Nifty Bank futures, Bissa says “It is trading below support levels so there is some more pressure expected to come in the Bank Nifty, but immediate support is seen at 18,400”.

He likes UPL and recommends buying calls but prefers buying puts of Punjab National Bank as he expects more correction.

Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.