• After a weak and tentative day, the rupee strength and the weakness in crude oil prices helped the Nifty to close in the green. The first phase of polling went through peacefully and the low turnout favors the ruling party.
  • The sharp fall in crude by nearly 150 bps will be positive for the markets. However, the IMF growth downgrade is likely to be an overhang for the market overall. Being the last trading day of the week, we expect selling pressure at higher levels.
  • FIIs were net buyers to the tune of Rs.477 crores while DFIs sold Rs. (-17) crore on Thursday. FPIs have already infused more than Rs.13,000 crore into the equity and debt markets in the first 10 trading sessions of the month.
  • Markets have been mixed overall with global markets facing pressure at higher levels due to the growth downgrade by the IMF. The SGX Nifty is already in negative territory and 11,600 may be resistance for the Nifty today.
  • We expect the merger with LVB to be long term accretive for Indiabulls Housing. We suggest buying the stock at Rs.840 levels for targets of Rs.1000 on South franchise as well as banking license post-merger with LVB.
  • We see Tata Motors again scaling back to its levels of around 250-260 in one quarter and short term traders can look to Tata Motors to trade for the turnaround in the JLR numbers in the last quarter.
  • The recent delay in FMP payments due to Zee group debt is not good news for the stock. The pressure on the company to find a buyer is going to build up. We continued to be negative and suggesting selling at Rs.410 with the target of Rs.350.
  • Expect some caution in the markets ahead of the weekend. Traders may prefer to stay in the market due to the volatile nature of global markets.