F&O Talk| Nifty key buying zone near 23,500-23,700 level, rally up to 26,500 expected in near-term: Sahaj Agrawal of Kotak Securities
foreign investors, leading to market declines. The Nifty and Sensex dropped by 2.7% and 2.2%, while mid and small-cap stocks took a harder hit, falling 5.2% and 7.4%. Overall, main indices have slipped around 8% from recent highs.
Market experts believe that persistent foreign selling and limited domestic triggers may continue to weigh on market sentiment in the near term.
Analyst Sahaj Agrawal, Senior Vice President: Head of Derivatives Research at Kotak Securities interacted with ET Markets regarding the outlook on the market amid the recent correction and ahead of Samvat 2081. Following are the edited excerpts from his chat:
With Diwali approaching, we also head towards the Samvat 2081, which is traditionally seen as an auspicious time for new beginnings, including financial. What is the outlook for the markets for the coming week?
Firstly a Happy Diwali to you and all the readers in advance. Yes, Diwali is always seen as an auspicious time for new things and we wish and pray for everyone’s wellbeing in the new year. Having said this, owing to the correction we have witnessed over the past few days, a strong bounceback is due for sure. We await for a technical confirmation based on which we would expect the index to head towards 24,800-25,000 odd levels.
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