The Nifty index might have fallen 150 points from its high of 9,709 recorded earlier this month on June 6, but more than 20 stocks gave up to 30-100 percent return in the same period.
The broader market stocks remained in focus as gains were maximum in the small and midcap space. Stocks which outperformed the Nifty in 15 sessions, include names like Magnum Ventures which nearly doubled, up 95 percent, followed by Maheshwari Logistics, Emkay Global Financial Services, Goa Carbon, and JP Associates.
The index witnessed a record high earlier this month, but since then have come under pressure and is consolidating in a range.
However, experts are of the view that the index will not see a huge correction as it is sitting on a strong base. The opportunities are there in individual stocks.
The technical setup suggests that the fall is likely to continue further, but investors who have a time horizon of 2-3 years do not have anything to worry about.
Although, the market will give a substantial downside from current levels as there are a lot of investors who are still waiting on the sidelines to enter the market which has already given 17 percent return so far in the year 2017.
The valuation would get really favorable for investors if Nifty slips towards 9,000. But, the market is looking at an uncertain event in the form of the goods & services tax (GST) which could fuel some bit of volatility in the market.