Nifty prediction by Sanjiv Bhasin: Pullback rally soon? Here's what ace investor says
17/04/2024
nifty prediction by sanjiv bhasin: pullback rally soon? here’s what ace investor says
Nifty prediction by Sanjiv Bhasin: The sell off in the markets continued for the third day on Tuesday amid the ongoing conflict in the Middle East and weak trends from global markets. Foreign fund outflows and hotter-than-expected US inflation data also played spoilsport for the markets. Extending its previous two day’s decline, the 30-share BSE Sensex tanked 456.10 points or 0.62 per cent to close at 72,943.68. The NSE Nifty50 index opened gap down today and drifted lower during the course of the day before closing with a deep cut of 124.60 points or 0.56 per cent at 22,147.90.
During the day, Nifty50 made an intraday high of 22,213.75 and an intraday low of 22,079.45. Currently, Nifty50 index is trading 2.75 per cent lower from its lifetime high of 22,775.70 made on Wednesday, April 10, 2024. Will the sell off continue further from here or a pullback rally is on the cards?
Ace investor Sanjiv Bhasin, in an exclusive episode of ET NOW Swadesh, the more Nifty50 trades below 22250 level, the stronger will be the pull back. “22200-22250 level is a strong support for Nifty50, and a pullback is poised to come soon as earnings are reasonable,” Bhasin said.
“However, investors and traders alike need to be stock specific,” he cautioned.
“Now, in this atmosphere, greed and fear play out perfectly. So, one has to balance oneself. Right now, it is better to be a trader and try to hedge your positions on the short side also. But look for good entry points into stocks, which we think are giving a very good opportunity. So, even at this level, we are finding very good largecap plays, which we think can weather this storm and perform even better in the coming weeks and months,” the market expert said.
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