Nifty50 will soon show some kind of a trend: Kunal Bothra

Kunal Bothra, Independent Market Analyst, says the market direction next week will depend on whether the Nifty50 takes support in the 9,500-9,550 zone or whether we try and enter into that key support zone. Excerpt:

ET Now: How do you look at the market behaviour?
Kunal Bothra: Yesterday, I had mentioned that if the market stays at current levels, or if it drifts even 40-50 points lower, the momentum indicator should signal a breakdown. If that happens, I expect the Nifty50 to start going through a short-term downtrend.

I maintain that stance. Given the lack of volatility or the absence of any trend you saw this week, next week would be slightly more volatile. I sense that the index should start picking up trend. The direction would probably depend on whether the Nifty50 takes support in the 9,500-9,550 zone or whether we try and enter into that key support zone.

There are chances of a breakdown as well, but I think volatility and trend should start picking up maybe in the second half of next week. So from a trading perspective, that could offer good opportunities for stock-specific traders as well.

As of now, I am not jumping into a view on the index because those levels have not been breached. On the index, in the next couple of sessions, you should see the index showing some direction or trend.