Time to buy the value? Deven Choksey on where to buy the dips

Deven Choksey, MD, DRChoksey FinServ, says whenever the market has made a panic bottom in the past, in the following 3 months to 9 months or 12 months, some of the stocks would give a very smart recovery as high as 70-80% and as low as 25% to 30% in most of the cases. Should that particular trade hold this time around, then from the 21,800, 21,900 kind of a level which Nifty saw a few days back, market should have a recovery back to 24,200, 24,800 kind of levels.

Choksey says it is time to buy the value. Some of the NBFCs, HFCs, manufacturers supplying to renewable companies and power utilities or companies in engineering R&D, have some brilliant propositions in the corrective downside.
We have had an over 1,000-point recovery on Sensex from the lows. How believable and sustainable is it looking to you?
Deven Choksey: The question that should be asked is why should it sustain? The most important part, technically, the market has been in an oversold situation for a long period of time and that oversold situation was continuing largely because of the constant selling by the FPIs. Now, the selling of the FPI has muted, it has come down to a greater extent, largely also because of the fact that the currency is also not depreciating.

Now, on the contrary, it is showing some signs of stability because even the current account deficit situation is working in favour of India currently. All put together, currency is stabilising and that is stopping FIIs from selling and at the same time, the short-covering led rally, which