“Dharmesh Shah of ICICI Direct observes that while the market is showing signs of forming intermediate durable bottoms in the coming weeks due to extreme pessimism (only 10-15% of stocks above key moving averages), the near-term rally may not signal a complete turnaround. He advises a staggered approach for portfolio construction, with Nifty expected to find strong support at 21,900 and resistance at 23,300, potentially rallying to 23,800 if resistance is breached.”

Dharmesh Shah’s track record (trackable calls only): 9 graded calls · 95% CI 19–73%