Markets all over the world went into a tailspin during the last 4-5 trading sessions, and Indian Market was no exception. The Nifty lost more than 250 points and closed at a weak technical position around 5007.
However, I feel that the market is ripe for a fast recovery as the markets are near the oversold levels & F&O expiry is round the corner. Traders can buy beaten down stocks for quick profits on short covering. The shares which had shown strength in the weak market are worth looking for medium term investments. A high risk contrarian call on L&T [Buy] for trading for 1-3 days may be considered after carefully analyzing the market, on signs of recovery.
Shares of Havells India, Sical, Bharathi Airtel, Idea Cellular, and Engineers India may be considered for short to medium term investments.
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