Next 2 Days Will Be Difficult To Make Profit, Says Vishwas Agarwal

Next 2 Days Will Be Difficult To Make Profit, Says Vishwas AgarwalIndian equities opened weak today, (Dec 23), following disappointing worldwide shores prior to December F&O expiry.

Auto, consumer goods and metal stocks traded flat.

BSE Midcap and Smallcap index fell 0.35% and 0.20% respectively.

Asian stocks also dropped down as a smaller-than-forecast interest rate cut in China and an economic growth report in New Zealand fanned worries that a global recession is becoming deeper.

The 30-share index, BSE Sensex opened the day at 9,821.57, down 106.78 points, after a fall of 1.70% on the previous working day.

The Sensex, on Monday (Dec 22), marked its closure after losing 171.56 points, whereas the NSE Nifty declined by 38.20 points.

At 10.00 a.m., the 30-share index Sensex lost 106.60 points at 9,821.75, after hitting a high of 9,821.75 and a low of 9,809.53.

In the meantime, the broad based Nifty stood at 3,010.80, down 28.50 points, after touching a high of 3,040.00 and a low of 3,000.55.

The overall market breadth was negative as it witnessed more declinations (294) as against advancements (253).

Major gainers in the 30-share index included Grasim Industries (0.40%), and NTPC (0.19%).

On the other hand, the major losers in the Sensex were Jaiprakash Associates (4.12%), Tata Motors (3.64%), Oil & Natural Gas Corporation (3.25%), ACC (2.63%), Mahindra & Mahindra (2.45%), and ICICI Bank (2.03%).

While commenting on the market, stock analyst Vishwas Agarwal said, “Profit booking is seen in the market due to F&O expiry, plus rising tension between India and Pakistan over terror issues has led investors to book profit rather than take any long position, as a war could be harmful for economy of both countries. But I believe that market won`t go down drastically- it will rebound in January F&O.”

Mr. Agarwal also said that it will be difficult to make money on the next two days (Tuesday and Wednesday).

“So be in low profile and wait for opportunity to renter. I would suggest to buy Bank of Baroda, Bank of India, HDIL, Suzlon, PNB and ABB in dips with some proper stop-loss for next 15 days,” he advised.

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