💼 The 1.6% cut in Nifty yesterday appears to be an overreaction to the HMPV virus concerns.
💼 FII selling of Rs 2575 crores was overwhelmed by the DII buying of Rs 5750 crores.
💼 In spite of that, if Nifty corrected by 388 points, it means the correction was triggered by short selling by bears trying to exploit the negative sentiments.
💼 The resilience of the Pharma and healthcare stocks also indicates the influence of the virus concerns on the market.
💼 The fact that momentum stocks were on the back foot yesterday indicates a lack of confidence by the bulls in the context of negative sentiments.
💼 Clarification by the government that there is no room for undue concern from the virus, which is not new, can facilitate a rebound in the market, led by momentum stocks.
💼 Investors can use the dip to buy fundamentally strong beaten-down stocks in automobiles and financials.
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Posted on : 07 Jan 2025 9:35 AM