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Rohit Srivastava optimistic on Nifty, says market has reached bottom and ready for upside
«Also, if you looked at the number of stocks that were trading above the 500-day average that had dropped to single digits, almost 9% on Friday, and that was the lowest reading since COVID,» says Rohit Srivastava, Founder, Strike Money Analytics & Indiacharts.
Give us a sense of the market move today, help us put this move in perspective because we have been beaten down for ten long consecutive sessions, the longest streak since the inception of Nifty and today that has reversed and how we are trading with gains of more than a percent and you believe that this was the bottom that we have reached and now it is all looking good for the markets going ahead.
Rohit Srivastava: The probability of the Nifty having made a final low is very-very high and the reason for that is the very extremely oversold reading setup that we really were looking at in the market, multiple data points not just the positioning in the futures and options market from domestic institutions having built up the largest long positions since March of 2023 along with the highest short positioning that we saw from FIIs.
Also, if you looked at the number of stocks that were trading above the 500-day average that had dropped to single digits, almost 9% on Friday, and that was the lowest reading since COVID.
So, a lot of data points, these are just a couple of them which I have highlighted that have started to reach lows not seen since COVID, including the very simple RSI indicator that we watched that had come down to 21 yesterday and that is again the
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