Stock Benchmarks may fall 5-10% from Current Levels

India’s stock bench marks the Sensex and the Nifty could decline by another 5-10% as uncertainty over the new virus variant grips the world according to the majority of market participants in a poll conducted. Investors must consider deploying cash in potential winners amid this weakness, they said. ICCI Bank, L&T, HCL, Tech Reliance Industries and Infosys are among their top picks.

Last week indices lost over 4% posting their worst weekly performance since January and are down 8% from their record highs in October, with new infections adding to existing concerns over the withdrawal of the US Fed’s bond buying programme. The Sensex closed at 57,107.15 and the Nifty ended at 17,014.80 on Friday.

The global correction is fear of a third Covid wave. Trader’s should not be hurry to do bottom fishing. Foreign investors have squared off longs and formed fresh short positions.

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