Look at global cues, don't worry about mkt cuts: Experts
19 Apr 2010
It turned out to be a challenging day for the markets with lots of negative news to deal with. By the end of trade, the markets saw a cut of 1%. There was some relief as we recovered from the lows of day and performed better than most of our Asian counterparts.
The Nifty closed with a cut of 59 points, closing at 5,203. The Sensex saw a 191 point cut, closing at 17,400.
After a long time, volumes spiked up at Rs 1.25 lakh crore. The market breadth was very dismal today at 1: 4 in favour of declines.
Should investors view too much into today's correction?
Sandeep Bhatia, Executive Director and Head-Sales, Kotak Institutional Equities, feels the markets have been expensive for sometime now and the Goldman Sachs' fraud announcement is just an excuse for the markets to correct.
Apoorva Shah, Vice-President and Head of Research, Prabhudas Lilladher, too views this correction more in the nature of a small correction that is come after a very smart run up of a couple of months.
From a technical perspective, Mitesh Thacker of miteshthacker.com is looking at 5,150-5,100 levels very closely. "This entire 50-points range is a very strong support.
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