Nawazuddin Siddiqui said, "The platform has become a dumping ground for redundant shows. We either have shows that don't deserve to be seen in the first place. Or sequels to shows that have nothing more to say."
Nifty gained for the sixth consecutive session to end at a 3-month closing high and formed a bullish candle on the daily as well as weekly charts.
Experts suggest buying on dips with support of 11050. Traders are advised to hold long positions, if any, with a stop below 11400 on a closing basis.
A close above 11420 has opened room for the index to retest 11500 levels in the near term, suggest experts. But, any major move is expected only a close above 11700 levels.
Experts feel that for the time being upsides shall continue to remain capped around 11420 levels unless a decisive breakout is registered above the said level.
The critical support on downsides continues to remain around 11,090 levels, for short term traders, 11,189 which was the intraday low of Friday will be important.
If the index slips below 11208 levels for at least 30 minutes then intraday selling can resume with initial targets of 11130 kinds of levels.
Investors are advised to consider selective accumulation while traders can remain long with broader market level of 11000, suggest experts.
FPIs were net sellers in Indian markets for Rs 494 crore while the DIIs were net buyers to the tune of Rs 904 crore on October 7, provisional data showed.
Traders are advised to wait for some initial signs of strength before creating fresh long side positions in the index which will be confirmed on a close above 11370 levels, suggest experts.
As long as the index trades below 11,400 levels and if it breaks Tuesday's intraday low of 11246, then the bears could tighten their grip at Dalal Street, experts feel.
Foreign institutional investors (FIIs) sold shares worth Rs 469.4 crore, while domestic institutional investors (DIIs) bought shares of worth Rs 504.69 crore in the Indian equity market on September 30.
Nifty50 has started consolidating after a strong gain. All short-term indicators have moved to overbought levels which restrict the upside for the time being.
Foreign institutional investors (FIIs) bought shares worth Rs 737.17 crore, while domestic institutional investors (DIIs) also bought shares of worth Rs 339.28 crore in the Indian equity market on September 26.
Foreign institutional investors (FIIs) sold shares worth Rs 342.4 crore, while domestic institutional investors (DIIs) also sold shares of worth Rs 762.48 crore on September 25, as per provisional data available on the NSE.
While some consolidation was expected as the market is trading near peak valuations, analysts are of the view that it will offer fresh buying opportunities.
The recent measures by the government, including the reduction in corporate tax rate, the abolition of enhanced tax surcharge and updated norms of FDI and CSR spending, are seen as long-term positives by most foreign brokerages.
The possibility of some consolidation or profit booking could be possible after a sharp run-up, but the sustenance of 50-day moving average (11,117) going forward can take Nifty to higher levels, experts feel.
Upside is seen capped at 10,800- 10,845 levels while a close above 10,845 can be considered as initial sign of some strength for near term.
Experts feel the formation suggests a bearishness, but as supports are intact, the consolidation is likely to be seen in coming sessions.
Experts expect sentiment to remain weak and if the index remains below 10,880 levels, then the weakness could continue in coming sessions.
A bullish confirmation will come once the Nifty closes above 11,141, which could facilitate a slightly bigger rally.
Experts feel that textile, housing,export oriented and infrastructure stocks will be in focus on Monday.
A bearish candlestick pattern suggests that bears were able to regain control after the index moved in a narrow range for the past few sessions.
Experts feel the narrow range raised a bit of concern over further uptrend on the index but if it trades above 11,050 in the coming session then there could be a further rally.