Commenting on the current market situation Amar Ambani, Head of Research, IIFL, said, “Any sharp correction often sees a bounce back like this. The choppiness today reiterates the fact that investors remain jittery about equities world over and India is no exception. Even though India may continue to remain a bright spot among emerging markets, for now indices are precariously poised. The buying momentum was so intense today that barring the IT index on the BSE all the other major sectoral indices ended in the green. For now the mid-cap and the small-cap stocks have accompanied the relief rally but extra caution is warranted on these counters. With the F&O expiry on Thursday, we expect volatility to prevail and Nifty to trade in a range of 7500 to 8200 in the near term.”
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