Deepak Mohoni, Director, trendwatchindia.com in an interview to Media said there may be some recovery in the markets today.
What about Nifty level reaching 4300 and what about today? How do you see today's action, do we see some kind of a relief or a bounce back because even the institutions have built up a lot of shorts over the last two-three days?
4300 kind of level would have only if we fall into a bear market and while things are pretty bearish, it is still not really a bear market. I would still stay on the balance that not yet complete evidence of a bear market. As far as today is concerned, there is clearly going to be some recovery, at least some segment of the market if not the whole lot. You can see the decline gradually tapered off. Europe had a massive sell off. US had a relatively mild one and Asia we have mix move. So this global trend is now shifting slightly towards demand from supply. So given the situation, we should also be in for select stocks rising if not the whole lot. Confidence would not be very high, advanced decline ratios may not be so good but we probably see index stocks making some sort of a come back.