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NEW DELHI: Nifty had a gap up opening on Tuesday, but it failed to sustain the gains and saw a sharp selloff, ending in the red. The headline index formed a long bearish candle on the daily chart.
Manish Hathiramani, technical analyst at Deen Dayal Investments said, On the upside, there is a stiff resistance at 14,700 level and until we do not get past that, we will not enter a bullish trend. It is a tight range and traders need to be cautious in their approach.
Ajit Mishra, VP - Research at Religare Broking said, We believe volatility is likely to remain high for the markets in absence of any major positive trigger. Going forward, the updates on Covid-19 cases, vaccination and earnings announcements, especially from Nifty majors, would be key monitorables. We reiterate our cautious stance and suggest preferring hedged positions.
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Kick-starting this wedding season, the brand launched the latest edition of its campaign. It features global brand ambassadors Amitabh Bachchan and Katrina Kaif sharing screen space with regional brand ambassador Prabhu Ganesan
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Corrections like this are great times to get into solid businesses where PE multiples are too high. I would like to go for such businesses rather than insurance which are truly very long term businesses, says
Elixir Equities.
The IPO market has been quite interesting. There have been Lodha Developers, Nazara Tech, Kalyan Jewellers etc. Has there been anything that merits mention in terms of long term potential?
We have seen a slew of new IPOs but the most interesting one where we are invested is Nazara Technologies. Considering that gaming is a larger market than even OTT and all other forms of entertainment, a company like Nazara has a great future. In three-four years, this will be a solid value creator. Overall, there is a great jump as far as the use of its products and services are concerned. Eventually that will get factored into the valuation of the company.