Market volatility took center stage following a sharp late-Friday sell-off triggered by MSCI rebalancing and global cues. While cautious sentiment prevails, Anand James, Chief Market Strategist at Geojit Financial Services, highlights critical Nifty support levels that could prevent further damage. In this exclusive interview, he breaks down the June series rollover data, IT sector resilience, and top stock picks.
Edited excerpts from a chat:
The sell-off seen in the last 30 minutes on Friday has scared traders as to what could be in the offing on Monday morning. What do you think?
IMD’s below-normal monsoon forecast and uncertainty over US-Iran talks in the backdrop gave an ominous feel to the drop that unfolded towards Friday’s close. However, the steepness of the fall is apparently due to MSCI rebalancing, with futures and options segment appearing reluctant to match such move. Nevertheless the large red candle registered on Nifty’s chart needs to be acknowledged, and we will start the new week on a cautious note. That 23500 was defended, gives us reason to be optimistic, but slippage past the same, or inability to reclaim the 10 day SMA near 23750 will confirm bearishness calling for 22800.
Nifty has been seeing profit booking at higher levels in last few weeks.
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