Rohit Srivastava on 3 sectors to bet on for near term
«So, the last two days was a very good buying opportunity. Today, intraday, we may be seeing a little bit of selling, but I think things have stabilised here. Most global markets have started to rebound and we should be heading higher from here,» says Rohit Srivastava, Strike Money Analytics.
Last two days, sell-on-rally is the kind of market we have seen. Are you representing the bulls who have been struck? Or are you from the bear side? Whom do you represent today?
Rohit Srivastava: I think the last two days, we have a complete bunch of readings, which are extremely oversold. We have our own proprietary swing indicator, which reached a reading of 3 on Monday and our average swing which reached a reading of 11.
What this means is that more than 90% of the stocks are showing downward momentum. And when that usually happens, we do see the market turn around.
So, the last two days was a very good buying opportunity. Today, intraday, we may be seeing a little bit of selling, but I think things have stabilised here. Most global markets have started to rebound and we should be heading higher from here.
So, yes, I am representing the bulls on this. And this is just one more of those buy the dip opportunities. It has come on the back of a lot of fear. One of the another indications globally of capitulation was the VIX sitting, that 65% mark in the US, that is a capitulation sign. You get an intraday spike, which is so big, it is just everybody closing out positions simultaneously across equities, commodities, gold,
