The D-Street on Thursday continued to see weak movement as benchmark indices fell in opening trade as well. The Sensex lost around 100 points in the opening tick, while the Nifty fell below the support level of 9,900.
Institutions such as JM Financial had flagged concerns regarding the overbuying in the market when the Nifty hit 10,000 and now see a meaningful correction on the cards.
“You can call it a transition phase…the Nifty could test the lower end of the target of 9,300,” Gautam Shah, Associate Director & Technical Analyst at JM Financial told CNBC-TV18 in an interview. He expects a correction of 5-10 percent from here as well.
Until now, the correction was in pockets and going forward, this could see some sort of an expansion, he added.
Further, Shah also expects the decline to be more on a global level and India could face collateral damage because of that as well.
The D-Street on Thursday continued to see weak movement as benchmark indices fell in opening trade as well. The Sensex lost around 100 points in the opening tick, while the Nifty fell below the support level of 9,900.
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