Since equity markets have seen massive upward momentum in the past few trading sessions, analysts have predicted that some short-term corrections are expected.
“Markets have received some reality checks in the last trading hour. We will keep getting such surprises going ahead, but the undertone will still remain bullish,” Sameet Chavan, head of research, technical and derivatives at Angel Broking, told NDTV Profit on Tuesday.
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“In the past three to four days, we have seen timewise consolidation and correction. If we reach 21,500 at the lower level, we may see some sort of price correction,” he said.
According to Rupak De, senior technical analyst at LKP Securities, "A bearish candle has emerged on the daily Nifty chart, indicating a potential bearish trend in the near future."
"Any upward movement towards 21,750 could encounter selling pressure. However, a clear breakout above 21,750 could shift sentiment in favour of the bulls. Support is established at 21,500 on the lower end," De said.
India's benchmark stock indices closed lower on Tuesday as information technology and banking stocks declined amid a lack of fresh triggers.
The NSE Nifty 50 closed below 21,700 for the first time in the last three sessions, while the S&P BSE Sensex ended below 72,000 after four sessions.
The Nifty closed 76.10 points, or 0.35%, lower at 21,665.80, while the Sensex fell 379.46 points, or 0.52%, to end at 71,892.48.
Given Lemon Tree Hotels Ltd.'s positive momentum in Tuesday's trading session, G. Chokkalingam, founder and managing director at Equinomics Research, said that the hospitality sector will continue with an upward trend. His top pick is East India Hotels Ltd.
“There will be a rerating of valuations for those hotel businesses where promoters have limited stakes in the company. This will give more hope to the investors. In terms of relative valuations, it is cheaper as compared to other hotel businesses,” he said.
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