Indian stock markets fell sharply today on the derivative expiry day with Sensex slumping over 1100 points to settle at 59,984 while Nifty dropped nearly 2% to 17,857.
“There is some exuberance in terms of valuations in certain pockets of the market.
We are in a structural bull market where intermediate corrections will be a part of this journey and these kinds of corrections will provide good buying opportunities in quality stocks,” he added.
On the downside, 39250 will be an immediate and important support level that may coincide with rising 20-DMA; below this, we can expect further weakness towards 38000-37700.
“We expect the market to be volatile in the coming weeks and we expect selling pressure to continue in the broader market.
Shares slipped today in Europe and Asia after a retreat on Wall Street pulled the S&P 500 and the Dow Jones Industrial Average back from their latest record highs.