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The recent downturn in the Indian stock market, marked by significant falls in the Nifty and Sensex indices, has presented investors with an interesting opportunity. Osho Krishan, a Senior Research Analyst at Angel One specializing in technical analysis and derivatives, believes this correction is an ideal time to accumulate shares of market heavyweights, particularly Reliance Industries (RIL) and HDFC Bank.
Krishan views the recent correction in HDFC Bank as a buying opportunity. He highlights the stock's consolidation between Rs1640 and Rs1620, followed by signs of upward movement. He suggests investors consider adding HDFC Bank to their portfolios, with resistance levels anticipated around Rs1680-1700.
Despite a recent breakdown in RIL's stock price, Krishan remains optimistic. He interprets the steep fall as a favorable entry point for long-term gains. He emphasizes the potential for RIL to rebound and deliver substantial returns to investors who seize this opportunity.
Overall, Krishan's analysis suggests that the recent market downturn should be seen as a strategic buying opportunity for investors seeking to capitalize on the potential of these market giants. His perspective provides valuable insights for investors seeking to make informed decisions about their portfolios in the current market environment.
Source: Nifty And Sensex Fall Sharply: Is It The Best Time To Add RIL And HDFC Bank In The Portfolio?