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Samir Arora of Helios Capital said that the recent phase of relative under-performance has largely run its course and that multiple supportive triggers could restore momentum.
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Stocks that shaved off more than half of their value include names like Dish Tv India and AU Small Finance Bank
The Nifty managed to hold on to its crucial resistance level of 10900 levels in the week gone by which is a positive sign for the bulls. The index is currently forming a consolidation pattern and is likely to witness a range breakout soon.
Traders are advised to stay long and a stop can be placed below recent low of 9,341.
Indian shares may open close to flat, as signalled by trading in the Singapore-based SGX Nifty, which was up 2.5 points, or 0.03 percent, to 8,318.
Indian shares are expected to open flat to lower, as signalled by a soft opening in the SGX Nifty in Singapore, even as experts said volatility may be heightened ahead of expiry of monthly derivatives contracts on Thursday.
With the Nifty retracing about half of its decline from 8,800 levels to 8,000 in the past two months, analysts have been pondering over whether the recent bounceback from has further room to go.
Maintaining that the current bout of correction witnessed in equities is likely done, Nirmal Bang Institutional Equities CEO Rahul Arora told CNBC-TV18 the brokerage was keeping its 9,000-9,500 call on the Nifty steady.
The sell-off in Indian equities is likely to continue and the Nifty may decline some 20 percent and test 8,000 levels, believes market expert Dhiraj Agarwal.
