Prakash Rajdev, chief dealer, Khandwala Securities said that there was lot of panic seen in the market today (Jan. 15). Market opened up but slipped to the red soon after that, due to selling pressure. Sensex closed down 477 points at 20,251 while Nifty closed below 6,100 level at 6,074 down by 132 points. According to Rajdev, selling was seen on the back of rumor that Citi Group is going to provide write-up, due to heavy loses. Bharti Airtel was one of the major losers.
He expects same volatility to be seen in the next trading session as well. He is bullish on metal and steel sector. He refrained from giving any stock recommendation in such a market scenario.
Rohit Mehta, head equities, Dimpi Investments stated that total profit booking was seen in the market. Selling was seen across the board, almost all the counters ended in red. Reliance Group companies were amongst the major losers.
According to him, correction is expected in the morning hours of the trade on Wednesday`s trading session but will eventually recover in the second half of the trading session. He expects technology stocks to move up and stocks to be watched out includes the entire Reliance pack.
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