F&O Talk | Markets bounce strongly, Nifty eyes 24,800 amidst unstable views: Sahaj Agarwal

On Friday, the Indian benchmark indicators opened the high, supported by positive global signals, but after the terrorist attacks in Kashmir’s Pahlgam, the booking of profits between India and Pakistan intensified was rapidly reversed. With the Nifty Midcap 100 and Smallk AP 100 indicators, ER panda cuts were seen in the broader markets, slipping more than 2.5%. Except for the Nifty IT, all regional indices closed in red.

The 30-Share BSE Sensex settled 588 points or 0.74%to 79,212, while the wider NSE Nifty fell by 207 points or 0.86%, ending at 24,039. During the session, the Sensex sank as much as 1,525 points from its intraday high, while the Nifty dropped 518 points from its top.

Analyst Sahaj Agarwal, Senior Vice -President: Head of Derivatives Research, Kotak Securities, Nifty and Bank Nifty interacts with ET markets, next week’s index strategy. The quotes edited from its chat are as follows:

What is your opinion on the Nifty and any key levels that you want to share?

Markets are behind a strong bounce. Banking and NBFC are left behind while other areas are slowly gaining momentum. We believe that the earning season is expected to keep markets unstable, with global and geographical political development. The wide range for the Nifty is found at 22,000-25,500. Expect some consolidation before the market gives a crucial breakout from this series for a strong directional move.

After a strong rally in the Nifty and extensive markets, some pullbacks are expected. This is expected to be a creative improvement to get more velocity to test the next larger resistance level of 24,800. Immediate support for the Nifty 50 is found at 23,800 – the previous resistance is expected to act as a strong support zone.

I also want to keep your vote on Bank Nifty. And that too, what are the main levels to keep in mind for now?

Banknifi, for the test of 000 56,3 s Suisance, saw a very strong rally at 000,5 levels. Previous resistance and a breakout zone of 53,500-54,000 will act as a strong demand zone. , With the support of 000 53,3 and on the head, it is advisable to buy around 56,000 purchases.

IT What are your opinions on the IT field now?

Proper improvement seems to be throughout the field. Value is found for a long period. From a business point of view, the short -term bottom seems to be in place and this area can move a stronger from here.

What does fi indicate the latest FII activity?

The FII segments have become net buyers in the cash segment. The index on the derivative front has also increased long contact. We believe that the pace of constant FII is very important for the markets to maintain pace and cross the high barrier level.

Based on the recent expiry of April, how should a May series be approached and trade with areas that potentially outperform or underperform?

Until now May the May series indicates a purchase on dips. There are around 23,800 for the Nifty 50 and 54,000 strong support levels are found for banknifi.

Can you help us know that there is any other field you are looking at?

It, Realty and FMCG have underperformed. There is a possibility of gaining momentum in these areas and providing further support to the index.

(Disclaimer: The recommendations, suggestions, opinions and views given by experts are their own. This does not represent the views of the economic time)