- With the Dow losing nearly 10% in a week, the Indian markets fear a weekend Black Friday. Even the F&O expiry short covering was tepid and that is likely to continue in terms of sentiments on Friday also.
- Dow lost another 1100 points on Thursday with even the NASDAQ not being spared. Fears of a global spread of the virus are likely to keep all Asian markets on tenterhooks and trader will prefer to remain light over the weekend.
- FPIs were net sellers to the tune of Rs.3127crore while DFIs bought Rs.3498 crore on Thursday. FIIs have now sold Rs.10,000 crore of equities this week and that evens out the entire inflow of FII money in the first 3 weeks.
- It was a virtual case of carnage across global markets with the NASDAQ falling by 4%, as was the Dow. Most European markets fell by more than 3% while Asia is under pressure. The SGX Nifty is already 1.5% down and pressure may continue.
- In a tough market, use lower levels to buy into consumption stocks like Titan. Look to accumulate Titan around 1260 for targets off Rs.1330 in one month time frame. These could the de-risked bets in the market.
- With stocks like L&T and Hindalco hitting new 52-week lows on Wednesday, one can look forward for further downsides on these stocks. Play both the stocks on the lower side for downside targets of 10% from current levels.
- With Wipro making new lows, the management uncertainty is likely to be a cloud over the company. We suggest selling Wipro around 230 levels for downside targets of Rs.210 in a time frame of one month.
- It is better to go to the weekend light on positions as the weekend is likely to be tumultuous with all the news flows. Stay as light as possible.
