- A sharp bounce in the Nifty led it past the 11,000 marks even as the Sensex gained close to 800 points in 3 trading sessions. All this was despite negative cues from trade concessions withdrawal by the US to an MSCI downgrade.
- With most global markets under pressure on delays in the US-China trade details, the Indian markets could also come under some pressure on Thursday. The weekly settlement will also keep trades under pressure.
- FIIs were net buyers to the tune of Rs.1131 crores while DFIs sold Rs. (-878) crore on Wednesday. FIIs have aggressively pumped in money in the last 10 days and infused closed to $1.50 billion if the block deals are also included.
- Global markets under pressure with the Dow and NASDAQ correcting and most of Asia opening weak on Wednesday. The SGX Nifty remains flat but the Asian cues are likely to come to haunt the markets during trading hours.
- With a bottoming out of the metal slowdown expected, one can look selectively at metal companies at current levels. We like Hindalco at the current price of Rs.203 with a target of Rs.240 in one quarter.
- In the midst of all the market volatility we like L&T which is the one stock to watch out for as order books have shown a distinct sign of turning around. We suggest buying L&T at Rs.1300 levels with upgraded targets of Rs.1,500 in one quarter.
- As ICICI Bank gets closer to its recent highs, it is time for markets to be a tad cautious. We suggest buying put options on immediate ATM or shallow OTM puts on ICICI Bank for downside targets of Rs.345-340 on the downside.
- The Nifty has reached the range where it traditionally faces resistance above the 11,000 marks. Trade with strict stop losses only.
