Stock Market

Earnings key trigger for market; Bank Nifty may rally: Experts

Mar 23, 2017 04:53 PM IST | Source: CNBC-TV18

The bulls were back in action today after two days of slumber. The market recovered more than half of yesterday’s losses. The Nifty and the Sensex rallied more than half-a-percent. Midcaps and aviation stocks outperformed.

The 30-share BSE Sensex gained 164.48 points at 29,332.16 and the 50-share NSE Nifty rose 55.85 points to 9,086.30.

Technical expert Ashwani Gujral thinks there is yet no reason to get excited about the market. The market is still stalling between 9050 and 9220 and the earnings will be the key driver for it; the UP-election rally is done with, says Gujral. If earnings are not in line then the Nifty would collapse to 8800, but if they are good then we may move to 9400-9500 levels. So till then play the range – buy at the lower end of the range and sell on the upper end of the range. Global markets too are not supportive.

SP Tulsian of is positive on the Bank Nifty and expects it to rally another 400-points by expiry or by March 31. Most of the index heavy weights like Axis Bank, Kotak Mahindra Bank, ICICI Bank, Yes Bank corrected in the last 3-4 days but are seeing renewed buying, he adds.

Prakash Gaba of, Prakash Diwan of Altamount Capital Management and Deepak Shenoy of too shared their outlook on stock specific ideas.