Quote on should investors average their position in this market correction by Mr. Yash Gupta, Angel Broking Ltd
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Below is quote on "should investors average their position in this market correction" by Mr. Yash Gupta, Equity Research Associate, Angel Broking Ltd
Nifty is correcting and is down by 0.7% while Mid Caps and small caps are facing majority of heat in the market. Nifty midcap is down by 2.24% and Nifty smallcap down by 3.1%.
In the last 6 trading days, Nifty midcap has corrected by 5.4% from a high of 28403 to 26868. Nifty small cap has corrected by 9% from the highs of 10670 to 9794. Though some of the midcaps and small caps stocks are down by more than 15%-20% in the last 3-4 days, stocks in nifty and banknifty are holding the market. We suggest retail investors not to average their buy position at this point in time as the correction might last a bit longer. We believe in the short term the market will remain volatile.
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On the higher side, immediate resistance is seen around 36000 - 36200 levels - Angel One
