ONGC, Tata Motors, L&T, Axis Bank and Asian Paints are losers in the Sensex. BHEL is the only green stock in the Sensex.
Bharat Iyer of JP Morgan says following yesterday's sell-off, the Nifty has reached critical support levels of about 8,500.
He feels if sentiment does not reverse quickly, he would not rule out a deeper correction, as tired retail investors capitulate.
Support would then lie in the 8,000-8,200 range for the Nifty, according go him. That said, he had maintained that any correction would not constitute a trend reversal, but would be a buying opportunity, he says.
