Stock market today: On account of weekend profit-booking, Indian indices are expected to remain range-bound throughout the intraday trade session today. According to share market experts, the US markets have closed in green zone that may help the market open on higher side, but due to the weekend profit-booking expected in the later phase of Friday trade session, market may not be able to break the NSE Nifty’s strong hurdle at 14800 levels.
Speaking on the stock market strategy that traders can maintain today Sumeet Bagadia, executive Director at Choice Broking said, “Overall sentiment of the Indian stock market is range-bound as profit-booking in the second half of intraday trade session is widely expected. Due to this, NSE Nifty is expected to closed today in its current range of 14,300 to 14,800.” Bagadia said that market is expected to open in green zone as the US markets have closed on the higher side on Wednesday. he said that intraday support zone for NSE Nifty is 14,300 to 14,350.
“As market is expected to remain range-bound, one should maintain buy on dips and sell on rise as and when the market reaches to any of the given levels at the NSE,” said Bagadia.
On sectors that is expected to outperform other indices Mudit Goel, Senior Research Analyst at SMC said, IT, banking and financial sectors are expected to outperform other indices and suggested investors and traders to focus on stocks like Axis Bank, SBI Life, Wipro, Infosys, etc. shares.”
Rohit Singre, Senior Technical Research Analyst at LKP Securities said that Wipro and Infosys should be preferred if someone is going to buy IT stocks.