Although Nifty is trading at 5660-5700 the broader market has already reached 4500-4800.
Following charts show where the broader markets are.
As we see majority of the indices have reached 4500-4800 Nifty levels. Many stocks are at 2500-4000 levels.
With the huge move in Pharma , IT and FMCG has propped up the Nifty.
In our previous updates had mentioned about a bounce from 5600 which we did get to 6090 levels. Our focus stocks for short term have done better even in this fall. With a break below 5600 we may give up the positive possibilities but will focus stock specific.
With markets already at 4500-4800 it becomes difficult to call a further breakdown and panic. We could rather be looking at a very stock specific environment with varied moves.
In simpler words the market has already panicked and Nifty has not. In panic there is no logic so if you are buying something let it be slow.
Its no point being brave ( Now this comes from me who has been a buyer in all dips in last few years ).
This is because stocks and Nifty are in different orbits. The focus on buying is only on stocks which have huge of margin of safety and we are highly convinced on. In the short term trades its a mix of shorts and longs.
This is the time when stoplosses help you.
Stocks being focused for short term.
LIC Housing with sl of 152 for a bounce to 175
Biocon as a delivery pick.
Wait for Tech Mahindra, Mahindra and Mahindra for fresh trades.
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