Use stock market volatility as buying opportunity: Rajesh Palviya

economictimes.indiatimes.com:

If you get any kind of volatility, it should be used as a buying opportunity in the market as the broader market is holding the ground on the bullish front and we believe that this momentum can continue further in the coming months also, says Rajesh Palviya of Axis Securities.

We saw a smart recovery on Friday and if you talk about levels, whenever there was a FIIs long and short ratio in a ratio of 32 to 68 band and generally 68% band, the short side is also considered as a big support and hence a short covering rally was on the cards and which we saw also. But then, what is it? Is it just a technical bounce? Are we out of the woods or weak hands have already come out because of the pre-election rally? How should we approach the markets right now?

Yes, the market is volatile due to this geopolitical event going on. So, we have seen a smart recovery from Friday's low. Nifty almost approached its 100-day moving average trajectory and Bank Nifty also approached its 100-day moving average trajectory and both indices have shown recovery from that level. In the second half of Friday's session, yes, there was some short covering action as we are comfortably trading above 22,100. So, 22,100 is intact on the Nifty spot, there could be some more upward momentum we could see towards 21,300 to 21,400 as we are approaching this April series expiry.

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