- Nifty and Sensex touched record levels of 12,100 and 41,000 respectively on Tuesday but gave up gains from higher levels after the Maharashtra government had to resign over lack of numbers on the floor of the house.
- The big focus will be the GDP numbers to be announced on 29th November and the RBI policy coming up in the first week of December. They are likely to jointly determine the direction of the markets going ahead.
- FPIs were net buyers to the tune of Rs.4,678 crore while DFIs sold Rs.4,242 crore on Tuesday. This was largely driven by some block deals through the day and now takes the total FPI flows into India for the month close to Rs.25,000 crore.
- Markets across the US and Europe closed flat to negative on Tuesday with Asia also largely tentative in early trades. Meanwhile, the SGX Nifty has been virtually trading flat in early trades ahead of GDP data over the weekend.
- Traders can look to go long on ICICI Bank after a series of upgrades. Look to buy the stock around the Rs.510 levels and keep a target of Rs.550 for a month and Rs.600 for a 3-month target.
- With China likely to continue its stimulus, look to add up more on Tata Steel. Metal counters are likely to benefit the most from the China stimulus and that is likely to be reflected in the price. Target Rs.500 on Tata Steel in one quarter.
- Zee may continue to be under pressure with the exit of the founding chairman of the group. Despite most of the pledge pressure out of the system, the business uncertainty in the immediate future continues for the stock.
- The markets are likely to be tentative on Wednesday as the markets get close to all time highs. Trade cautiously ahead of the F&O expiry.
