Expect Nifty to touch 8,900 level in the medium term: Shubham Agarwal, Motilal Oswal

In an interview with ET Now, Shubham Agarwal, VP - Head Technical Research, Motilal Oswal , shares his views on markets. Excerpts:

ET Now: Do you see more downside on the Nifty and also on the Bank Nifty?

Shubham Agarwal: If you look at the movement of Nifty for the past one month, we have been seeing the time correction happening on the index with the flow around the level of 8,300 and a hurdle at around 8,650. So, on the chart we do not see any evidence based on which we can say that this band will be broken in the shorter term. 8,300 is a very important support to be watched out and we believe that after a one or two days of time correction around this area, we might see a bottom getting formed on Nifty, so with a stop loss at 8,180 we believe that the medium term trend still remains positive and one can look to buy Nifty once we see some stability happening which could happen in the coming one or two sessions and the first target for the same would be definitely 8,650 which is the immediate hurdle with the medium term target at 8,900.