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Despite the three-day recovery, independent market expert Shahina Mukadam said there is still quite a bit of uncertainty in terms of which way will the market move heron. She said the Nifty is likely to remain between 7,900 and 8,500 for the next 2-3 months.
“We need to close above the 8100 level consistently to get some confidence back,” she told BloombergQuint in a phone conversation, adding “8,200-8,190 has become a strong resistance on the upside.”
Mukadam is bullish on the pharma companies after the outcome of the U.S. election and rupee deprecation to near all-time lows. The same factors, she said, should also aid information technology stocks.
“Infosys looks ripe for the picking taking into account the fundamentals and current valuations,” she said. She also likes TCS, Tech Mahindra and midcap names like NIIT Tech and HCL Infosystems.
The NSE Nifty Bank Index dropped 0.3 percent, making it the worst performing sectoral gauge on the exchange. The index has fallen 10 out of the last 12 trading sessions.
The rupee edged higher by 13 paise to 68.64 against the U.S. dollar at the forex market in early trade today on fresh selling of the American currency by exporters and banks.
The rupee yesterday had tumbled by 30 paise to end at a fresh 2016 low of 68.76. It had hit an intraday low of 68.80 mainly due to deteriorating sentiment and worsening impact of fund outflows. The rupee has shed 3.95 percent of its value since the beginning of 2016.
Weakness of the dollar against some currencies overseas and early gains in the domestic equity market supported the rupee today, dealers said.
Foreign investors have pulled out close to $5 billion from the capital markets in November so far amid concerns over the impact of demonetisation mingled with an imminent rate hike by the U.S. Federal Reserve.
(With inputs from PTI)
Movers & Shakers: Tata Power, Reliance Industries, Triveni Engineering And More
Investors may be over optimistic about the demonetisation pain for stocks https://t.co/c7hlFao0o6 @andymukherjee70 for @Bfly pic.twitter.com/VOaD1mBIQF
— BloombergQuint (@BloombergQuint) November 28, 2016
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Tata Steel in talks to sell Speciality Steels to Liberty House Group.@MahimaKapoor12 reportshttps://t.co/DtjsMIKm4r
— BloombergQuint (@BloombergQuint) November 29, 2016
Asia opens lower, tracking losses on Wall Street. Oil trades around $47 as OPEC remains split on output cuts.
— BloombergQuint (@BloombergQuint) November 29, 2016
Read| https://t.co/xPztEmreVi pic.twitter.com/Js7SZGfNFw
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