- After starting off the day well above the 10,800 mark, the Nifty lost value and settled around the 10,780 mark as Brent Crude prices again fell on slowdown concerns. Combined with weak US futures, the Nifty lost value.
- The sharp correction in the Dow is likely to be an overhang on the Indian markets on Friday. Also traders are likely to be a tad cautious ahead of the week end and limited FPI action till the New Year.
- FIIs were net buyers to the tune of Rs.1732 crores while DFIs sold Rs.(-663) crore on Thursday. The buying from FPIs was largely indicative of year end rebalancing by the global investors and a buying spree is good news for the next year.
- Correction in excess of 2% in the DJIA, NASDAQ and the DAX is likely to have an impact on most Asian markets tomorrow. Most traders may also choose to go light into the coming week end.
- After the sharp correction in price, we suggest buying Tata Communication at the current price levels with a target of Rs.600 in one quarter as the SOTP valuation favours the company.
- With oil at below $55/bbl in the Brent market, it is time to again cherry pick aviation stocks. Jet Airways at around Rs.270 looks ripe for a bounce closer to Rs.330 in the next one quarter. Buy with appropriate stop loss.
- We had recommended Selan Exploration at Rs.175 two days back and the stock is now around Rs.191. We suggest holding on to the stock for targets of Rs.225 in round 1 and target of Rs.270 in round 2.
- We turn a little cautious on markets as it gets closer to the 11,000 mark which will be hard to breach unless the US markets resumes its uptrend.
