Mkts may see 12,500 levels next week

New Delhi: With Friday’s wild swings, volatility seems to have peaked out. Though there may be selling pressure at higher levels we may see 12,500 soon. The resistance may appear at 12,100 levels but the long-term trend still remains bullish, analysts believe.

Sumeet Rohra, Antique Stock Broking

Market is on a strong footing

The market is on a strong footing. Companies like Reliance and Maruti have posted very good numbers alonh with ACC and Grasim. Fundamentally things are still very positive and any further dips should be seen as an opportunity to buy fundamentally solid stocks.

We are not yet bearish on the markets

We are not yet bearish on the markets and don’t see any reason to get bearish unless there’s a very bad monsoon. Any decline in the market is a good time to buy.

Markets have shown a reversal pattern today

Markets have shown a reversal pattern today. The fact that they went down by 500 points in early trades and still managed to close above yesterday (Thursday)’s level is a very positive sign. The correction seems to be over and one could look out for 12, 100 on the upside. Eventually, we can see the market at 12,500 in the next two-three weeks.

Vijay Bhambwani, Technical analyst

With today’s swings volatility has peaked out

Volatility is not yet done but today’s volatility was the peak. We have peaked out as far as volatility is concerned.

Selling pressure at higher levels

There would be selling at higher levels but Friday’s intra-day lows of today would act as very good support. I am not bearish but bullish on the longer term.

Watch out for 3400 on the downside and 3600 on the upside

The corporate results as well as the international market will influence the market now. The key levels are 3400 on the Nifty and on the higher side 3600.

Hitendra Vasudeo, Technical analyst

From the medium term perspective 11,000 becomes strong support

Recovery was good. From the medium term perspective 11,000 becomes strong support and base for the new rally.

Resistance at 12,000-12,100 levels

From tomorrow onwards the resistance will continue to be on higher levels on the Sensex at 12,000-12,100. It needs to take off that at the earliest once again.

Can remain range bound between 12,000-11,000 levels

It can remain range bound, in the range of 12,000-11000, with sharp volatile fluctuations if it does not cross 12,100 levels. If it crosses 12,100 then markets would move to 12,700.