The stability of the broader markets is contingent on the NSE Nifty staying above the 24,000-mark, with conditions ripe for “unexpected downturns” in the converse, according to Jai Bala, founder and chief market technician at Cashthechaos.
“The Nifty has gone up without closing at the previous day's low for 24 sessions,” he told NDTV Profit. Drawing a parallel with global indices, he said the S&P 500 has marked 70 days without a 1% drop.
The analyst expects the consumer goods and pharma sectors to scale further highs, buoyed by stocks such as Dabur India Ltd., Emami Ltd. and Hindustan Unilever Ltd.
Mihir Vora, chief investment officer at Trust Mutual Fund, said the automobile sector was experiencing a slowdown, owing to seasonal factors such as a decline in weddings, among others.
The benchmark equity indices logged their worst session since June 4, after hitting respective highs at open on Wednesday led by Mahindra & Mahindra Ltd., which fell nearly 7%.
The NSE Nifty 50 closed 0.45% lower at 24,324.45, while the S&P BSE Sensex ended 0.53% down at 79,924.77.
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