The market is due for a short term upward pull back in the near term. It has formed a long legged doji formation, which may see trending activity on either side, says Amol Athawale, Vice President - Technical Research, Kotak Securities.
BSE Sensex dropped 388.40 points, or 0.59 per cent, to settle at 65,151.02 and NSE's Nfity tanked 99.75 points to end the day at 19,365.25 for the day.
Stocks of small- and mid-cap companies continued to gain ground in July, notwithstanding analysts sounding caution on these two market segments given the sharp run thus far in calendar year 2023 (CY23).
Sanjeev Prasad, co-head of Kotak Institutional Equities, in a note co-authored with Anindya Bhowmik and Sunita Baldawa in June-end, had cautioned against the sharp run in small- and mid-caps. We do not see any particular reason for the excitement in small- and mid-cap stocks.
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