This is just a quick update on what is happening in the markets.
BSE MIDCAP is down 10% from peak.
BSE SMALL CAP is doen 14% from peak.
BSE SENSEX and Nifty is down only 3-4% from peak levels.
The panic is in the midcaps and this is time to be patient and look for quality stocks and accumulate if one has long term view.
Expect Nifty to find support at 5830-5880 zone and the top 10-15 weights in Nifty remain fine only. A momentum trade can only be initiated above 5970-5990 spot levels. Last time our stops got hit on Nifty we may now wait for a crossover above last few days highs.
Disclosure: Looking at investment ideas/long trades and waiting for reversal confirmations and view remains very very positive till 5830 holds
Some punter stocks like TV 18 at 28 and 24 could be interesting with a 1 year view if one can digest a 20% cut.