Business News | Nifty 22,300 Key Support; Buy Quality Stocks in Tranches Amid Volatility, Says Shrikant Chouhan of Kotak Neo
Get latest articles and stories on Business at LatestLY. Amid continued market volatility and persistent foreign investor selling, Shrikant Chouhan, Head of Equity Research at Kotak Neo, has advised investors to remain cautious and focus on fundamentally strong companies.
Mumbai (Maharashtra) [India], October 12 (ANI): Amid continued market volatility and persistent foreign investor selling, Shrikant Chouhan, Head of Equity Research at Kotak Neo, has advised investors to remain cautious and focus on fundamentally strong companies.
Speaking exclusively to ANI on Monday, Chouhan highlighted key technical levels for the Nifty, sectoral opportunities and investment strategies for the current market conditions.
Also Read | 2026 TVS Radeon Price in India, Specifications and Features Revealed.
On Monday, the market opened flat near 22,600 but declined towards 22,350 following profit booking.
Chouhan identified 22,300 as a key support level for the Nifty. He said a break below this level could push the index towards 22,150, a level it tested last week. A further decline could trigger stronger selling pressure across the market, he added.
Also Read | Muzaffarpur: Elderly Woman Beaten to Death Over Witchcraft Suspicions in Bihar.
Persistent Foreign Institutional Investor (FII) outflows continue to weigh on market sentiment. Currency depreciation concerns and crude oil prices remaining above USD 100 are adding to investor worries over inflation.
Advising investors on the current market conditions, Chouhan recommended buying fundamentally strong companies at key support levels in phases rather than investing the entire amount at once. He also said the ongoing sideways movement presents an opportunity for Systematic Investment Plan (SIP) investors.
On sectoral opportunities, Chouhan identified defence, automobiles, internet-based businesses and software companies, including new-age technology firms, as key sectors to watch.
He noted that profit booking has affected defensive sectors such as pharmaceuticals ahead of the upcoming second-quarter earnings announcements.
Chouhan said market valuations and earnings indicate attractive levels for investors with a medium- to long-term investment horizon. He advised investors to focus on company fundamentals while making investment decisions. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)