New Delhi: On Tuesday, Indian equity indices took a steep dive in reaction to the less-than-expected Election Results. However, seasoned market expert Sanjiv Bhasin views this dip as a short-term event and a golden opportunity to buy quality stocks.
"This won't continue for more than two days," Bhasin reassured. "Life will be back to normal. Keep buying." He highlighted shares like ABFRL, Vodafone India, Wipro, and HDFC Life as safe bets.
Bhasin, who is the director of IIFL Securities, remains optimistic about the market's swift recovery and encourages investors to take advantage of the current dip.
Sanjiv Bhasin on Today's Stock Market Crash
Sanjiv Bhasin explained that Tuesday's sharp decline in the equity markets was due to the 'super rally' that followed Monday's Exit Poll results. "The market is driven by greed and fear," Bhasin said. "After a flat close on Friday, the positive exit poll numbers over the weekend sparked a big rally. Those who hadn't participated or were short had to cover, leading to significant gains," he told ET NOW.
Market Crash Today: Bhasin Sees Buying Opportunity Amid Volatility
Yesterday's excesses have now been cleared, and we can expect volatility for the next two to three days," said Sanjiv Bhasin. "This is a great buying opportunity. When else will you get a 25 percent discount? Consider stocks like Coal India, NTPC, and diversify with HDFC Life Insurance and Wipro. Create a balanced portfolio. Market momentum and corrections like these are normal in a bull market. India will thrive despite political challenges, and Corporate India will deliver. PSUs will recover.
On Tuesday, Indian equity indices took a steep dive after the Election Results fell short of expectations. Nifty and Sensex lost over 5 percent, while Bank Nifty saw its highest intraday loss in over 20 years, dropping 7.94 percent and closing in deep red territory.
Related Videos:
Sanjiv Bhasin's Analytics on Profit Booking, Nifty Trends, & Top Sectoral Ideas | Top Stocks in News
What’s Next for Nifty After Election Results Hammering? Experts Recommend a Portfolio Shift
BJP's Failure to Secure Majority to Keep Markets Rangebound, Experts Say
The Bharatiya Janata Party's (BJP) failure to secure a majority is expected to keep the markets within a narrow range in the short term, according to experts. The impact of the unfavorable election results has already been factored in. Now that the elections are over, attention will shift to other key events like the Budget and upcoming policy announcements, particularly whether previous policies will continue.
Market Reacts to Weaker NDA Mandate: Nifty and Sensex Drop 6%
On June 4, the Nifty and Sensex each plummeted by 6%, reflecting market concerns over policy continuity due to the weaker mandate for the NDA coalition. Mid and small-cap stocks suffered even more, with their respective indices falling 6-7%.
Ajit Mishra, SVP Research at Religare, commented on the situation, suggesting that the market might face either a time correction or specific price corrections in certain sectors. "Markets could be in for a time correction, or even price corrections in certain pockets," he said.
Mishra also identified critical support levels for the market. "The 21,000-21,200 range should act as a support zone on the downside. If the market dips below this, it could trigger a price correction, potentially leading to a further decline of about 1,000-1,500 points," he explained. On the flip side, a recovery could push the Nifty towards the 23,400-23,500 zone, which might serve as a strong resistance level.
Related Videos:
Navigating the Market Post Exit Poll & Election Results: Sector Strategies and Closing Trades | ET Now |
Comments
Post a Comment
Incase of any question pls reach out to us.