Intense selling like that of few weeks changes market dynamics in many ways. Some sectors get sold off and new sectors or stocks emerge to take on new leadership role. Also it separates men from boys. Stocks which are resilient to selling bounce back with force once selling pressure abates.
What happens during such sell off phase is pulling down of bids and as the sell off wears off there is thickening of the market at new level and the stocks in trend resume their journey.
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