So, is it a time to buy now?
Deven Choksey, MD, KR Choksey Shares and Securities feels this is a buying opportunity particularly in auto and some large cap companies. "The market has distinctly shown weakness in some of the front-line stocks without fundamental demerits into them. The rupee factor, which is being played largely, is because of the issues pertaining to some of the funds particularly who may probably, due to some amount of collateral losses, have unwind some of the position," he said in an interview with Ekta Batra, Latha Venktatesh and Anuj Singhal on CNBC-TV18.
However, Independent Market Expert, Anand Tandon the market does not have much on the upside. He is concerned that none of the fundamental issues have changed substantially, earnings are unlikely to increase and interest rate will potentially continue to remain higher in real terms.
Support at 6150?
Dealers see the Nifty support at around 6,150 on downside and abBreak below 6,150 could trigger margin call. Choksey feels that if 6,150 breaks then probably there will be distinct support at 6100 and 6050 levels. "This 100 point range on the downside would be good buy opportunity. I am not suggesting that one should buy all at a time. Probably it may make sense to buy; some gradual buying should take place at every 50 point deficit," he advises.
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