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economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
Rahul Sharma advises stock accumulation amid market choppiness
«So, we feel that this back and forth action is what is happening in the market as of now. A) there is lack of leadership. We saw metals doing well last week, again follow-up buying is not happening in this week,» says Rahul Sharma, JM Financial Services.
What do you make of the market setup? It seems like the market has been gradually recovering but a lot of volatility still persists.
Rahul Sharma: So, markets are into that zone where the grind is essentially the base formation that we have spoken of in the past and we feel that it could spend some more time in this broad range with 22,700, 22,800 as the very stiff resistance at the higher side and 22,000, 21,800 being a very strong support equally on the downside.
So, we feel that this back and forth action is what is happening in the market as of now. A) there is lack of leadership. We saw metals doing well last week, again follow-up buying is not happening in this week.
We saw private banks do well before that, but they have also taken a backseat. So, from the sectoral perspective, none of the sectors are really coming out of the woods and taking charge for the market to give a breakout from that 22,800 resistance area.
Our reading is the market should continue to be damp like this for maybe a couple of weeks more, maybe we could revisit the 21,800 area on the downside and once that happens from April onwards we feel a structural recovery can begin in the market.
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