See Nifty range shifting to 11,700-11,200 ahead of US election: JM Financial

Nifty is bracing itself for the big US election event, said Rahul Sharma of JM Financial Services. Speaking to CNBC-TV18, Sharma said that ahead of the US election, he sees the Nifty range shifting to 11,700-11,200.

“We have attempted thrice to cross the 12,000 mark in the last 3 weeks and we have not been able to do that comfortably. With all the data that is coming from global cues, it is indicating that the market is witnessing a shift in range from earlier 11,800-12,000 to possibly 11,700-11,200,” he said.

Sharma advised to stay light and cautious on market ahead of the elections. “Post event we could see some sort of a reversal happening, but at least until the event is done, which is next week, we are advising clients to stay light on the long positions,” he said.