Mumbai, April 1 -- Indian equity market has fallen to its "extreme level in the near term" with valuations turning reasonable and opportunities emerging for long-term investors, analysts at Kotak Securities said.

Highlighting the recent market trend, Shrikant Chouhan, Head Equity Research at Kotak Securities, said, "We saw a market falling heavily from the highs of January... from somewhere close to 26,375 to the levels of 22,275," adding that "it's a deep sell-off that we witnessed in a very short span of time."

He noted that the correction has been broad-based, stating, "A number of stocks have fallen more than 50%, and now all these large-cap stocks have fallen in the last month." However, he believes the worst may be over in the nea...