Technical Analyst, JM Financial feels the Nifty will broadly trade in the range of 5950-6350. However, he adds that the near term trend looks weak. At worse, he feels Nifty may hit 5700 levels in the near-term.
He further forecasts a weakness in Bank Nifty, and says it could head lower to 9100-9200 from current 10282. Public sector banks like Bank of Baroda , Bank of India and State Bank of India can lose another 10-15 percent.
He expects Dow Jones to move lower to 14500-14700 levels in the near-term and forecasts a 8-10 percent drop in S&P 500. The US markets ended with moderate gains on Monday. The Dow Jones industrial average was up 7.71 points, or 0.05 percent, at 15,801.79.
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