Expert view, Feb. 13 -- Rohit Srivastava, the founder and market strategist at Indiacharts.com, believes the Indian stock market is extremely oversold at this juncture and may recover. He expects the Nifty 50 to head back to 24,500 in the near term. In an interview with Mint, Srivastava shared his views on the current market valuation, Nifty's expected movement in the near term and sectors to look at. Here is an edited excerpt of the interview:

For now, the market is very oversold and likely to recover. Short- and medium-term indicators tell us that a seasonal bottom may be formed near 23,700, and we should head back to 24,500 at least.

Nifty managed to protect the Jan low today, and Bank Nifty made a higher low. The only weakness was i...