Stock market today: After bllodbath on Dalal Street for the last six sessions, Indian stock market finally witnessed some buying interest during early morning deals on Friday. Whether it is just a relief rally or the market finally bottomed out after havey beating on six days in a row, only time will tell.
But, stock market experts are of the opinion that recent stock market crash has created an opportunity for long term investors as they can add quality stocks in their portfolio. In fact, they believe that fresh investors can make their portfolio in current market sell off.
Speaking on what these early trends signal at stock market today, Aditya Gaggar, Director at Progressive Shares said, "By breaching the psychological level of 19,000 in the morning trade itself, bears showed their intent but bulls took charge with a swift recovery in the Mid and Small caps. With three black crows candlestick pattern (bearish), the maximum damage has already been done and the markets are currently in the oversold territory.
Pullback/bounce or a relief rally is warranted and an early indication from the GIFT Nifty suggests the same; however, sustainability at the higher levels will be a key factor to watch out for." Gaggar went on to add that Nifty 50 and Bank Nifty today stand at their 3-year-old trendline support, which is also indicating a reversal. "The immediate support arrives at 18,830 and 42,000 respectively while a higher side is capped at 19,040 and 42,700.
After a steep fall, Mid and Smallcap indices have made a bullish candle which suggests that a short-term bottom has been placed," Progressive Shares expert said adding, "PSU Banks and Realty have made a bullish hammer pattern which indicates a trend reversal. " Advising
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