Today, the Sensex closed at 18038.25 up 39.84 points or 0.22% and the Nifty ended up 6.75 points or 0.12% at 5415.45.
Ashwani Gujral, Technical Analyst says, 5,470 was a key level while the markets were coming down. “Today, we have kind of tested that level again and confirmed that this market now has downside momentum. So, in case 5,400 gets taken out, which is about the 50-day moving average, then the next level here should be 5,250 to 5,270. Clearly, we are in a correction and it’s likely that we underperform global markets in this period.”
However, Ajay Bagga, Head of Private Wealth Management (PWM) India, Deutsche Bank doesn’t expect a major correction. He sees Sensex at 22,000 by the end of the year. “We remain bullish on the Indian markets.”
