The Nifty and Sensex fell over 2 percent this week, making it the second consecutive week of losses. Apart from the metal and pharma index all other indices ended in the red. It was also one of the most volatile weeks for the markets in this year.In an interview to CNBC-TV18, Andrew Holland, CEO of Avendus Alternate Strategies, said he expects economy facing stocks such as banks, energy, industrials and consumer discretionary to remain the favourites from a medium to longer-term perspective.
Rohit Srivastava of Indiacharts.com said market participants should expect break of the weekly low if Nifty does not cross 14,600 next week.”If Nifty does not cross 14,600 and bank Nifty does not cross 33,600 then we would anticipate another leg lower from here which means we will probably break the low we made during the week.”
Srivastava said he prefers the pharma sector on the long side. “The only sector that I would probably pay attention to on the long side would probably be pharma. For traders there will be lot of short side opportunities rather than on the long side pretty much across the board.”
News Source: CNBC News 18