Market expert SP Tulsian of sptulsian.com on Thursday said that market is likely to be little sober next week if crude oil prices remain between $62 and $64 per barrel.
Tulsian said, "Brent spoiled the party from Tuesday. However, Brent corrected to $64 per barrel and even rupee strengthened to 71, probably that should have given the strength. Generally, weekly expiry on the options side is seen to be the deciding trend. We have seen the big weakness come on Tuesday when the Bank Nifty fell by about 800 points. On last Friday and Monday, you did not see much rally as it is quite muted or maybe with a very low pace. However, the weakness on Tuesday of about 200 points on Nifty and about 800 points on Bank Nifty probably is seen carrying on. So, maybe this weakness has to do with the weekly expiry."
On Yes Bank, he said, "I don't think anyone can really give the rationale reasoning for the fall. I do not think that Morgan credit downgrade was the reason for the fall as it came two days back. However, the kind of sudden volatility or sudden weakness we see coming in, that comes into the bunch manner as if you really see the pattern even of the last one month or maybe 45 days, it moves up gradually by a couple of rupees. It rises by maybe Rs 7-8 and suddenly that gain goes away within the range of Rs 55 to Rs 65. So, very difficult to give the reason. However, the next trigger for the share price to stabilise could be the QIP. May be the trading pattern or the range of the share price of Rs 55 to Rs 65 is seen being played out."
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