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Beaten Down Stocks Seeing Good Buying Support
Since the start of the present rally in early March 2019, wherein the Sensex has jumped nearly 8 per cent, we are seeing beaten down names seeing a sharp recovery.
In fact, this is true for not only select Nifty stocks, but, also for non index stocks. Tata Motors, IndiaBulls Housing and Yes Bank are stocks that have seen a near 20 to 40 per cent rally in prices.
On the other hand stocks like PC Jeweller have almost doubled since hitting 52-week lows. IndiaBulls real Estate, PNB etc., are other stocks that have seen a solid rally. The last few days have also seen some stocks from the auto space, which has been hammered down seeing buying interest. Among the names include hero Motor Corp and Maruti.
This means that the broader markets are seeing some solid recovery in trade. It is likely that we may continue to see some gains in the broader markets, based on the rebound in the indices. However, ahead of the election results the markets may witness volatility like never before.
