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Quote On Morning Market 24 February 2023 By Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Fifth straight day of losses happening in the third consecutive monthly losing streak has made the market distinctly weak. The bearish grip on the market has been assisted by negative global cues, FII selling and the sentimental fallout of the Adani crisis. Even though there are no clear visible positive triggers for the market now, a mild reversal is possible, going forward, culminating in positive returns in March. This view has the backing of history: Nifty never had four consecutive months of negative returns during the last 20 years. The selling in Bank Nifty is overdone. The fears of the Adani crisis impacting the Indian banking system are exaggerated. Some high quality banking stocks are attractively valued now and, therefore, banking stocks have the potential to stage a turnaround. The strength in the US economy augurs well for IT stocks too even though concerns of a US recession might weigh down heavily on the IT segment. Capital goods will continue to do well. Long-term investors can accumulate high quality stocks in this weak environment.

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