Podcast Script : D-Street Talk podcast | Bulls aren’t back, it was just a ‘Dead Cat Bounce’: Amar Deo Singh
The Nifty50 recovered almost 50 percent of the entire fall from 12,430, but experts suggest investors remain cautious as we are just 2 months in the bear market, and what we witnessed in April was a ‘Dead Cat Bounce’.
What we saw in April was a Bear market rally and that is why it was fast and swift and might have got many off guard in the month of May, Amar Deo Singh, Head Advisory, Angel Broking Ltd said in a podcast ‘D-Street Talk’ with Moneycontrol.
Major levels to track on the downside would be 8,900, and below that crucial support is placed at 8600-8650 zone. On the upside, resistance is seen at 9600, followed by 10,000 levels.
“If we look at the markets on the monthly charts – most of the indicators are extremely negative. Some of the indicators were in oversold territory so some pullback was expected, but again at higher levels markets would get sold into and that’s what we saw on Monday,” explains Singh.