Today, stocks fell about 1.7 percent, the biggest single-day loss in six months, triggering some fears that the recent upward trend may have reversed.
But market experts remain unperturbed even as the indices posted almost their biggest one-day fall in six months.
“It is a corrective phase. There is no reason to panic,” Taher Badhshah of Motilal Oswal AMC told CNBC-TV18’s Closing Bell segment.
Going forward, markets may remain volatile ahead of the US Federal Reserve meeting on September 21, says Mayuresh Joshi of Angel Broking.
But investors can make fairly good returns by building positions in certain quality stocks in a staggered way, he said.
Ashwani Gujral of ashwanigujral.com said that the Bank Nifty, one of the most watched indices, struggled to give up 500 points following a nearly 2000-point run. “This indicates there may not be a deep correction in the overall market,” he said.
Another technical analyst, Mitesh Thacker of miteshthacker.com, is also positive on the Nifty and sees support around 8600-8650 level.
SP Tulsian of sptulsian.com beleives advance tax obligations will keep pressure on the market until middle of the month. “Thereafter, indices should regain strength,” he said.
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