Benchmark indices continue to reel under selling pressure weighed down by financials and index heavyweights like RIL and ITC. Weakness in Asian markets has also dampened the sentiments among local investors.
Investors remain cautious ahead of the Infosys quarterly results later this week that will kick start the earnings season for July-September quarter.
At 11:25AM, the 30-share Sensex fell 196 to trade at 19,720 and the 50-share Nifty declined 62 at 5,845 levels.
SmartInvestor : What are the key levels to watch out on benchmark indices. Is there a recovery on the charts later in the day?
Ranak Merchant : The week would be of volatile nature as the result season would kick in and IIp nos would be announced. Also on the global front the US shutdown and the Oct 17th debt ceiling would play a crucial role in the trend decision. In terms of levels, post a double bottom near 5700 and a recovery thereof, 5915 on a closing basis would confirm the continuation of uptrend on Nifty spot.
SmartInvestor : Broader markets seem upbeat today. How do you suggest playing the mid-cap space in the short-term and your top picks from the pack with a similar time frame?
Investors remain cautious ahead of the Infosys quarterly results later this week that will kick start the earnings season for July-September quarter.
At 11:25AM, the 30-share Sensex fell 196 to trade at 19,720 and the 50-share Nifty declined 62 at 5,845 levels.
Also Read
While speaking to SI, Ranak Merchant, Technical Analyst - Strategies of Sushil Finance outlines the strategy to play Infosys as it kicks off earnings season later in the week. She also spoke on knocked down banking counters and cherry-picks some select stocks from Mid-cap space.
SmartInvestor : What are the key levels to watch out on benchmark indices. Is there a recovery on the charts later in the day?
Ranak Merchant : The week would be of volatile nature as the result season would kick in and IIp nos would be announced. Also on the global front the US shutdown and the Oct 17th debt ceiling would play a crucial role in the trend decision. In terms of levels, post a double bottom near 5700 and a recovery thereof, 5915 on a closing basis would confirm the continuation of uptrend on Nifty spot.
SmartInvestor : Broader markets seem upbeat today. How do you suggest playing the mid-cap space in the short-term and your top picks from the pack with a similar time frame?
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