Suri said he remains very optimistic about the market, adding, “I still believe that before next Diwali, or even well before it, we will hit a new high.”
He noted that it’s important to watch the 23,200 zone on the downside carefully, as he expects it to be a strong support level. He mentioned that the market is currently presenting good buying opportunities, and he anticipates a strong second half of the year.
“The immediate area of concern would be around 23,200 The reason is that, obviously there is a pattern formation. But more importantly is that just if you look before the election results, the top was around 23,000-23,200 then we fell at 8-9%. So, I feel that pre-election level will work out as a very big base. This is around 23,200, which is what about 3-4% lower than here. So, I feel that that’s going to actually be a very big, solid base, that would be the area of immediate concern,” he said.
In the near term, the market will be more stock-specific, but Suri expects that industrials will lead the movement again in the second half.
“I believe that the longer-term and medium-term bullishness persists. I expect that within the next 12 months, we will challenge and break out to new highs,” he told CNBC-TV18 during the Diwali Mahurat trading session.
Further, Suri added added: “As I mentioned, there has been a pause, and we must acknowledge the significant amount of FII selling that has occurred, along with the substantial withdrawals of money from the market, thanks to the IPO funding that has come in. Additionally, it’s important to recognize that the numbers are mixed. Therefore, the market needs to take a pause. This is crucial because, for a bull run to sustain, intermediate corrections, pauses, and some form of reality check are necessary.”
Meanwhile, the Indian stock market begin Samvat 2081 positively, with frontline indices rising by up to 1%. The Sensex increased by 335 points, reaching 79,724, while the Nifty gained 94 points, climbing to 24,300.
The Nifty Bank rose by 197 points to 51,673, and the Midcap Index advanced by 376 points to 56,489.
Most auto stocks finished in the green following monthly sales reports, with M&M leading the Nifty gainers after reporting strong sales. Other top gainers included ONGC, Adani Ports, BEL, Tata Motors, and Titan, along with NCC, RBL, Vi, PNB, NBCC, and Aarti Industries.
