Indian equity benchmarks Sensex and Nifty50 extended gains to the third day in a row on Tuesday.
There is a chance that Nifty might see a couple of days of correction and a decline towards 17,600-17,650 levels,” he said.
Notwithstanding the short-term decline, we do expect the Nifty to move towards 18,200-18,250 over the next few days,” Shah added.
Rahul Sharma of Equity99 Advisors expects the market to continue to rise unless there is negative news.
He sees crucial resistance for the Nifty at 17,890, which, if crossed, might even take the index to 17,980-18,000 levels.
“I’ve never been a great fan of the pharma space but at the levels they are, I personally believe that upside now is more than downside despite the US business not doing well for most of the Indian companies, which have a large share of their revenues coming from the US,” he said.
“This year, I think more or less you will get 30 percent plus kind of earnings growth.
“As we enter the next year, you will start to see some kind of tapering of earnings, much like we have seen in most years other than the last, simply because of the fact that we are assuming again another 25 percent kind of earnings growth, which to my mind is unlikely.
Gaurav Ratnaparkhi, Head of Technical Research at Sharekhan by BNP Paribas, believes the Nifty50 is looking to extend its run beyond the 61.8 percent retracement level of the entire October-December decline.
Market expert Anand Tandon is of the view that COVID is not going to be the determining factor for the market at least from whatever is known so far.
As far as the dividend goes, I have been honestly very disappointed with the payout the company has been giving for the last many years.
I think it’s a small equity company with promoters owning nearly 68 or 69 percent, and earnings per share of around Rs 160; there are many ways in which one can justify the current share price.
We need to understand that in the PV business, the company is always focused on SUVs, and the new product pipeline should have Tata Motors gain a little bit of market share,” he said.
And I think at the lower range right now, if the stock corrects maybe 3-4 percent, it could qualify as a fresh ‘buy’.
Ajit Mishra, VP-Research at Religare Broking, believes the Indian market is currently following its global counterparts while domestic factors are showing mixed indications.
Mishra believes the next hurdle for the index is at the 18,000 mark, and a cushion at 17,600 in case of any dip.
Sushil Kedia, Founder of Kedianomics, suggests buying Bajaj Auto and Hero MotoCorp shares on any pullback.
“While the regular banks are all looking very good and on pullbacks, they may again be a ‘buy’ but the table thumping kind of big moves are likely in real laggards like DCB and Bank of Baroda.
The 30-scrip index rose 672.7 points or 1.1 percent to end at 59,855.9, and the broader Nifty50 benchmark settled at 17,805.3, up 179.6 points from its previous close.
In an interview to CNBC-TV18, Harsha Vardhan Agarwal, Director at Emami, said the company has seen strong demand globally since June 2021.
Ambuja Cements has lost 13-14 percent of its market capitalisation since the highs seen in September 2021.
2021 has been one of the most remarkable years for the primary market with a slew of new-age companies like Zomato, Paytm, Latent View and more taking to Dalal Street.
“IT stocks front-run their earning season.
Nifty IT can have a great year, another 20-25% of upside for the Nifty IT index in itself.