Sharp price action in the street makes you even more bullish, says Rohit Srivastava

He believes sentiment always gets extremely negative near the lows and that is the reason to remain positively biased.

37 of the 50 stocks in the Nifty 50 basket were trading with losses. Adani Twins were the top index losers followed by banks (ICICI and SBI). Bajaj Auto, Tata Motors, Dr Reddy's, and ITC were trading in the green, outperforming an otherwise weak trading session.

Nifty Bank, on Friday, sheds more than 1,200 points to hit an intraday low of 40,191.2. The Midcap index fell more than two percent. All sectoral indices except Nifty Pharma, Nifty FMCG, and Nifty Auto were trading in the red.

"It is the panic, which has ruled the minds of the market today and that is the root cause of this particular fall at this point in time," said Deven Choksey of KRChoksey.

"The markets are coming to a very important medium-term support level of 17,428. And that's the last fuel of hope for the bull. If the market were to print 17,428, then there are no bullish options left for the markets, except to go below the June low of 15,000 odds and that's the medium-term outlook," explained Jai Bala of Cashthechaos.com.

Jonathan Schiessl, deputy CIO of Westminster Asset Management, also spoke with CNBC-TV18 about the upcoming Union Budget 2023 and his thoughts on the current state of the market.

Schiessl stated that he does not attach too much importance to the Budget, as it is just one of many factors that can affect the market. He also noted that, despite the recent sell-off of banks, they may still be a good buying opportunity for investors.

"Budget over time has become less important. We don’t attach too much noise or too much attention to the Budget," he said.

Furthermore, Schiessl mentioned the recent Hindenburg report on the Adani Group, stating that it will continue to have an impact on the market for a while. He advised investors to keep a close eye on the situation and to proceed with caution when making investment decisions.