Oversold Nifty may see a technical bounce: Analysts
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After a 16% correction over the past five months, both momentum and sentiment indicators have reached oversold levels. As a result, a technical bounce from the key support zone of 21,800–21,500 cannot be ruled out, according to technical analysts. Stocks like HDFC Bank, Bajaj Finance, Hindalco, Ashok Leyland, NTPC, BEL, Chola Finance, JSW Energy, Narayana Hrudayalaya, and SBI Cards look promising on the charts, with potential returns of 5–8%, analysts said. DHARMESH SHAH HEAD OF TECHNICAL, ICICI SECURITIES Where is the Nifty headed? The equity benchmark continued its losing streak over the third consecutive week, tracking global volatility amid tariff-related ambiguity. The lack of follow-through strength above the previous week’s high signifies a continuation of corrective bias. However, investors should note that with 16% corrections over the past five months, the momentum and sentiment indicators have approached oversold conditions. H...