As long as Nifty is trading above the channel support placed at 10,850 to 10,800 levels, a recovery towards 11,800 is possible, Umesh Mehta has said in an interview with Moneycontrol.
The Nifty is near the critical support zone of 11,200-11,100 and if it stabilises here then investors should start accumulating good quality stocks while traders can go long in stocks which have relative strength
The S&P BSE Sensex plunged 5.96 percent while the Nifty50 was down 6.21 percent in the month of February making it one of the worst monthly fall since September 2018, data showed.
While India may not be impacted much at an overall level, we know several sectors have supply chain linkages to China, especially pharma, autos, and electronics, says Abhiram Eleswarapu of BNP Paribas.
The Nifty50 maintained its crucial support of 11,614 (swing low of Budget Day), but closed below 200-day SMA placed at 11,685.
The mid-cap and small-cap valuations are attractive but having said that it may take multiple months before they start performing.
Trends on SGX Nifty indicate a positive opening in India, with a 127 points, or 1.06 percent, gain. The Nifty futures were trading around 12,146-level on the Singaporean Exchange.
The number of deaths due to the 2019 novel Coronavirus had now crossed 800, surpassing the death toll of 2003 SARS outbreak.