IGI Logo

Below are view on Today's market 20 December 2021 By Mr. Parth Nyati, Founder, Tradingo

Indian equity markets are witnessing sharp correction on the back of rising worries of omicron, hawkish global central banks, and most importantly relentless selling by FIIs.  We are seeing the first meaningful correction in the current bull run and this correction has completed more than 10% from highs however we are in a structural bull run where every correction is a great buying opportunity.  Technically, 16700-16400 is the first strong demand zone where we can expect a strong bounceback while 16200-16000 should be a worst-case scenario. On the upside, 17000 will be immediate resistance while 17250 will be a critical hurdle; above this, we can expect a massive short-covering rally.  Our top sectors to bet on in ongoing correction are capital goods, infrastructure, real estate, telecom, wealth management, banking, and technologies.

Above views are of the author and not of the website kindly read disclaimer