The new-found resilience on Dalal Street may be here to stay, at least for a while. This is what majority of market participants told ET in a poll conducted over the weekend. This optimism is mainly on account of the stronger-than-expected fiscal deficit target announced in the Budget on February 29 that has led to benchmark indices jumping 7% in a week and the rupee rising to a seven-week-high led by a revival in foreign institutional inflows.
L&T, Infosys, Hindalco, Hindustan Unileve and ICICI Bank are among the top picks of the poll participants.
The market has found its bottom and the Nifty is unlikely to fall below 6900-7000, said majority of the 23 leading fund managers and stock brokers who participated in the poll. As many as 69% of the participants said the Nifty will not fall below 6900-7000, about 7-8% below the index's Friday closing of 7,485.35.
Fund managers and strategists partly attributed the rebound in the past week to covering of short positions, which was at one of the highest levels before any of the recent Budgets.
