«Nifty has hit new highs, but Bank Nifty has not hit new highs, so there is some unfinished business and components of Bank Nifty are looking positive on the chart. So, I maintain constructive view on Bank Nifty compared to Nifty and before the event we could consolidate in a tight range,» says Aditya Arora, Adlytick.
Around 100 points of correction that we are seeing in Nifty today after touching life high, where do you expect the markets to head going forward, do you expect them to consolidate at current levels?
Aditya Arora: Yes, I agree with you, Nifty is expected to consolidate in a narrow range because we have Fed event lined up on 17th and 18th of September, which is a very big trigger for the market. Just to bring forward a very interesting fact, we had Federal meeting on 17th and 18th of September in 2007 as well, and this is much awaited rate cut after almost three to four years. So, market will watch out for some key numbers. Like, last time Nifty shot up almost 4% in 2007, but what I am trying to say is that we can expect 2% to 4% kind of volatility in the market post the event, prior to that Nifty may consolidate in a wide range and Bank Nifty looks pretty constructive compared to Nifty because there is some unfinished business over there.
Nifty has hit new highs, but Bank Nifty has not hit new highs, so there is some unfinished business and components of Bank Nifty are looking positive on the chart. So, I maintain constructive view on Bank Nifty compared to Nifty and before the event we could
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